And look at the strongest sectors: it’s all services. You won’t see stalwarts like manufacturing, oil and gas, farming or utilities on this list. Services are booming, and that’s no surprise given our much-discussed record high population growth. More people means more car repairs, more tutors, more waiters and more delivery drivers.
This is obviously good news... but of course there is a strange downside to this: the possibility of further rate hikes. I know, we’re tired of discussing the Bank of Canada. But despite talk of a recession, we still see high inflation, strong job growth, a rapidly growing population, and unaffordable housing. It’s possible the Bank will raise again this month – check your inbox in two weeks, I’m sure we’ll be discussing it.