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Prime Minister Justin Trudeau is about to make a pitch for tens of billions of dollars in new spending after racking up one of the developed world’s largest deficits. There’s one problem: Canada’s economy doesn’t need it.
Not only are Canadians sitting on hundreds of billions in unspent cash partly because Trudeau’s virus relief programs were among the most generous anywhere but Joe Biden’s US$1.9-trillion stimulus package is adding to a wave of unprecedented U.S. spending that’s spilling over the border, juicing growth in Canada and Mexico too.
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We don t want to overdo this : Trudeau s stimulus push runs into trouble as economy heats up
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Toronto home sales double in March, average price hits $1 1M
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(Bloomberg) Bank of Nova Scotia, Canada’s third largest lender, waded into the burgeoning debate over whether Justin Trudeau’s government should take immediate steps to cool the nation’s hot housing market, issuing a report that cautioned against rushing to implement new constraints.
In a report released Sunday, Scotiabank’s chief economist Jean-Francois Perrault said the recent run-up in home prices nationally over the past year was in large part driven by sluggish supply that failed to keep up with higher demand a trend that could reverse itself as new sellers enter the market in coming weeks. If the government does decide to take action, it should target housing speculators, he said.