Economic Highlights

According to the Conference Board of Canada, the proportion of Quebecers who feel that the time is right to make a major purchase, such as a property, stood at 46.4 per cent in August. This represents an increase of 0.6 percentage points compared to the previous month and a 3.5 per cent increase compared to August of last year, which is consistent with the current strength of the real estate market.

According to the Canadian Real Estate Association (CREA), residential sales in Canada increased by 5 per cent in August 2019 compared to August of last year.

According to preliminary data from the Canada Mortgage and Housing Corporation (CMHC), there were 3,008 housing starts in Quebec centres with 10,000 or more inhabitants in August 2019, a 65 per cent jump compared to August of last year. The cumulative result for 2019 (the first eight months of the year) is 27,945 housing starts, a 17 per cent increase compared to the cumulative result for 2018.

According to Statistics Canada’s Labour Force Survey, 4,366,000 jobs (seasonally adjusted) were held in Quebec in August, which represents 19,700 more jobs than the previous month. Compared to August of last year, this number represents an increase of 112,100 jobs. The unemployment rate in Quebec continued to decline, reaching 4.7 per cent, a historically low level.

The Bank of Canada announced on September 4 that it was maintaining its target for the overnight rate at 1.75 per cent.

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