A November cold snap caused utility use to jump, the agency says.

OTTAWA — The Canadian economy grew by a surprise 0.1 per cent in November, driven by a boost in utility use because of an unexpected cold snap in central CanadaStatistics Canada data showed on Friday.

Analysts in a Reuters poll had forecast no change after an unexpected 0.1 per cent decline in October. Goods-producing industries and the services sectors both posted a 0.1 per cent gain. Increases were reported in 15 of the 20 industrial sectors tracked by StatCan.


The Canadian dollar slightly pared its decline, touching 1.3227 to the U.S. dollar, or 75.60 U.S. cents, after the GDP gain.


“The above-consensus reading was surprising given the temporary factors which were expected to restrain growth — pipeline outage, rail strike, weather — and should limit the downside risk to the Bank of Canada’s Q4 forecast,” said Royce Mendes, a senior economist at CIBC Capital...

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MONTREAL ― It’s not much of a secret that Canadians and Americans have been drifting apart politically for some time now.But it’s a less-known ― though increasingly obvious ― fact that the financial state of Canadians is also drifting away from that of Americans.If there were such a thing as money-colored glasses, someone wearing a pair would swear that Americans and Canadians aren’t even the same species.


The trend has been going on for decades now, but it accelerated during the 2008 financial crisis, when the U.S. housing market busted out amidst a debt crisis, while Canada’s economy came through smelling like roses. Ever since then, the typical Canadian household has looked noticeably different, financially, from the typical American one.


Here are seven ways Canadians are now totally different from Americans when it comes to money ― and one way they’re surprisingly the same.

Canadians pay lower income taxes

This one may be hard to believe, especially for...

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If there is a financial product out there that people seem to love to hate, it’s a reverse mortgage. But is that fair?

Here are a few facts that might change your perspective and “reverse” some of the misconceptions out there.


What is a reverse mortgage?


Reverse mortgages are loans that allow you to access some of your home’s equity without making a payment or forcing you to sell. However, a reverse mortgage loan ultimately does have to be repaid either when you move out of the home or when you die. There are some extenuating circumstances when the loan may need to be paid back sooner. For example, if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in good repair.


Who qualifies for a reverse mortgage?


You must be 55 or older and the home must be your primary residence. If you qualify, you can borrow up to 55 per cent of the value of your home (based on home value, home type,...

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Canada's inflation rate cooled to a 1.9 per cent annual rate in August, Statistics Canada says, as the price of gasoline, fresh vegetables and fruit all got cheaper during the month.


August's rate came in 0.1 percentage point below July's level.


After bottoming out at 1.4 per cent in January, Canada's inflation rate has been at 1.9 per cent or above for six months in a row now.


Cheaper gasoline was one of the biggest factors in the cooling, as gasoline was 10 per cent cheaper in August 2019 than it was the same month a year earlier. The impact of that cheaper gas is so great that if gasoline is stripped out of the data, Canada's inflation rate would have been much higher — 2.4 per cent.


Canadians also paid 6.5 per cent less for fresh vegetables in August compared with July, marking the largest month-over-month decline in five years. 


The price of a hotel room also fell, as the cost of traveller accommodation has fallen by 6.7 per cent in the past year. Travel...

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If a recession is headed our way, the canaries in the economic coal mine that are most likely to sing its arrival will be Canada's big banks. That's because Canada's five biggest lenders — Royal Bank, TD, Bank of Montreal, Scotiabank and CIBC — have a hand in nearly every aspect of Canada's economy, from loaning businesses money for expansion to funding the mortgages that finance much of the housing market.


Those same banks are in the midst of revealing their quarterly earnings this week, and the numbers should offer a good glimpse of where the economy is headed.

Profits up

The Royal Bank of Canada was first to report last week, showing profits rising to a record $3.3 billion in the third quarter. CIBC was next, with a quarterly profit of $1.4 billion in the three months up to the end of July.


Both figures are up only slightly from last year's level, but in a world in which the financial media is warning of negative ratesinverted yields...

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