{"id":10540,"date":"2021-06-07T12:31:19","date_gmt":"2021-06-07T12:31:19","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/06\/07\/postmortem-canada-is-buying-too-much-house\/"},"modified":"2021-06-07T12:31:19","modified_gmt":"2021-06-07T12:31:19","slug":"postmortem-canada-is-buying-too-much-house","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/06\/07\/postmortem-canada-is-buying-too-much-house\/","title":{"rendered":"Postmortem: Canada is buying too much house"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> The week in the economy in six charts <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Kevin Carmichael<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Jun 07, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">4\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> 21 Comments  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Statistics Canada\u2019s latest tally of gross domestic product on June 1 shows that residential investment has rarely been a bigger part of the overall economy.<\/span> <span class=\"credit\">Photo by James MacDonald\/Bloomberg<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Financial Post columnist Kevin Carmichael, editor of the FP Economy newsletter, unpacks the week in economics.<\/p>\n<h2><strong>Freeland\u2019s \u2018guardrails\u2019<\/strong><\/h2>\n<p data-async=\"\">June 4 was Jobs Day in Canada and the United States, when the <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" of=\"\" wonks=\"\" href=\"https:\/\/twitter.com\/mikalskuterud\/status\/1400816094642937858\" rel=\"noopener nofollow\">wonkiest of wonks<\/a> celebrate the release of the latest monthly hiring data by <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" to=\"\" twitter=\"\" href=\"https:\/\/twitter.com\/jasonfurman\/status\/1400437911384846337\" rel=\"noopener nofollow\">taking to Twitter<\/a> to demonstrate their <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" skills=\"\" href=\"https:\/\/twitter.com\/BrendonBernard_\/status\/1400882862627471360\" rel=\"noopener nofollow\">chart-making skills<\/a>.<\/p>\n<p data-async=\"\">Here at FP Economy, we prefer to save Gigi Suhanic\u2019s artwork for our subscribers rather than the mobs that gather on Twitter. There are a few charts that we think best describe the current state of the labour market. Let\u2019s have a look.<\/p>\n<p data-async=\"\">We track what the country\u2019s most important policy-makers track. Finance Minister Chrystia Freeland said last year that her extraordinary emergency spending would be guided by \u201cfiscal guardrails,\u201d including total hours worked. That measure had almost returned to pre-pandemic levels, but then the third wave of COVID-19 restrictions forced authorities to tighten social-distancing measures. That setback caused hours worked to drop by four per cent in May from February 2020.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-1\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"1\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250]]\" id=\"ad-1\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Hours-worked-rate-of-change.png?quality=90&strip=all&w=576 2x\" height=\"799\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p>Total hours is an aggregate number. It says a lot about how fast the economic machine is running, but it necessarily obscures a lot of detail. Freeland and her officials at the Finance Department also want to know the details. She wants to make sure that no one is being left behind. That\u2019s why one of her \u201cguardrails\u201d is also long-term unemployment, which has spiked to levels last seen in the first half of the 1990s. Evidence shows that the longer people spend on the sidelines of the economy, the harder it is to get back in. Economists call it \u201cscarring.\u201d Freeland has pledged to spend heavily so the economy heals before such scars become permanent.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/long-term-unemployed.png?quality=90&strip=all&w=576 2x\" height=\"704\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p data-async=\"\">Read: Bianca Bharti reports on the factors that could complicate the summer rebound on which everyone is counting.<\/p>\n<p data-async=\"\">Bloomberg News: Trudeau government\u2019s generous financial aid has become a key lifeline for the economy.<\/p>\n<p data-async=\"\">More from Bloomberg: Higher earners biggest beneficiaries of Trudeau\u2019s pandemic aid.<\/p>\n<h2><strong>Macklem\u2019s Dashboard<\/strong><\/h2>\n<p data-async=\"\">Tiff Macklem completed the first year of his seven-year term on June 3. A year earlier, he oversaw the release of an interest-rate decision on which he played no official part. Last week, he would have been huddled with his deputies, deciding whether their current interest-rate stance needed tweaking ahead of a scheduled update on June 9. Hopefully someone at the central bank thought to mark the occasion. If they didn\u2019t, Macklem still probably went home satisfied on Friday, as a big week of economic data supported his decision to look past the recent spike in inflation and let the economy run hot.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"2\" data-ad-mobile=\"[[7,7],[300,600],[300,250]]\" id=\"ad-2\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Like Freeland, Macklem says he is watching a \u201cbroader set of indicators\u201d than the headline numbers that attract the most attention, such as the national unemployment rate. He\u2019s been coy about what his dashboard looks like, however, so we\u2019re forced to guess.<\/p>\n<p>Since the Bank of Canada itself has flagged the gap between youth unemployment and the jobless rate of workers who are older than 25, we assume that\u2019s an indicator that the governor cares about. It continues to flash red.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/youth-job-loss-for-May.png?quality=90&strip=all&w=576 2x\" height=\"789\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p data-async=\"\">The central bank also has made note of how high-wage workers are doing better than those at the lower end of the pay scale. If Macklem intends to do his part to narrow that gap, he will have to leave interest rates low for longer yet, according to Statistics Canada\u2019s latest Labour Force Survey.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/Employment-by-wage-group.png?quality=90&strip=all&w=576 2x\" height=\"785\" loading=\"lazy\" width=\"1001\"\/><\/picture><\/figure>\n<p data-async=\"\">From the archives: Bank of Canada governor indicates readiness to let economy run hot to include more people in recovery.<\/p>\n<h2><strong>Too much house<\/strong><\/h2>\n<p data-async=\"\">You might have heard of fiscal dominance. That happens when the public debt and deficit get so big that the central bank feels compelled to keep borrowing costs low to help the government avoid bankruptcy, rather than let itself be guided by economic conditions. Some think Bank of Canada Tiff Macklem is already being bullied by Prime Minister Justin Trudeau\u2019s deficits. Macklem dismisses those charges, saying policy-makers have learned real-world concerns such as long-term unemployment deserve more attention than theoretical threats that are scarier in textbooks than in real life.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"3\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-3\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">A bigger concern for Canada might be real-estate dominance. Statistics Canada\u2019s latest tally of gross domestic product on June 1 shows that residential investment has rarely been a bigger part of the overall economy. That\u2019s great for real-estate brokers, but bad for competitiveness, because it suggests that houses are becoming a magnet for precious investment dollars that could be put to more productive uses. As Evan Siddall, the former head of Canada Mortgage and Housing Corp., <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" vertical=\"\" position=\"\" pixels=\"\" link=\"\" href=\"https:\/\/twitter.com\/ewsiddall\/status\/1387421355432415234?s=20\" rel=\"noopener nofollow\">tweeted<\/a> in April, \u201cHousing is mining our economic future.\u201d<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/GDP-investment.png?quality=90&strip=all&w=576 2x\" height=\"930\" loading=\"lazy\" width=\"1001\"\/><\/picture><\/figure>\n<section aria-labelledby=\"moreTopicLabel9934679019301443229941891851636293\" class=\"more-topic\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Construction is one of the sectors struggling to find workers. Its vacancy rate in March was 5.8 per cent, or 58,300 jobs.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/06\/vw0604construction.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> &#8216;It&#8217;s not going to change&#8217;: The long and short of Canada&#8217;s job vacancy problem <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Every day they are at work, salespeople, grocery clerks and others would see with their own eyes that almost everyone has more money to throw around than they do.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0531grocery.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Weekly earnings are steadily improving for some \u2014 and surging rapidly for others <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Bank of Canada\u2019s most recent research suggests the froth in at least some housing markets is now worse than in 2016 and 2017.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/05\/vw0527housing.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> &#8216;Excess exuberance&#8217; in housing harks back to the market frenzy of the 1990s <\/span><\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">An international comparison might be helpful. Australia, another small and open economy that relies heavily on commodity exports, often makes a good foil for Canada. The Aussies have also shown a love of housing over the past decade, as Australian cities often show up alongside Canada\u2019s bigger urban centres atop lists of the most expensive real estate on the planet. Australia also published first-quarter GDP figures last week. The chart below shows what investment looks like Down Under compared with what\u2019s happening up here in the North. Australian policy-makers might want to nudge their entrepreneurs and executives to get more excited about intellectual property, a proxy for innovation in the digital economy. But it\u2019s hard to look at those bars and avoid the conclusion that Canada is buying way too much house.<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\" class=\"embedded-image__image lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288&ssl=1\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=288,\n                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/australia-vs.-canada.png?quality=90&strip=all&w=576 2x\" height=\"663\" loading=\"lazy\" width=\"1000\"\/><\/picture><\/figure>\n<p data-async=\"\">Kevin Carmichael: Disappointing GDP growth offsets worries central bank, governments are overdoing it<\/p>\n<p data-async=\"\">Read: Canada\u2019s economy grows 5.6% \u2014 but it would have been worse without the housing boom<\/p>\n<p>_____________________________________________________________<\/p>\n<p data-async=\"\"><strong><em>\u00a0For more great stories sign up for  FP Economy Newsletter.<br \/><\/em><\/strong><\/p>\n<p>_____________________________________________________________<\/p>\n<p data-async=\"\"><em>\u2022 Email: kcarmichael@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" target=\"\" url=\"\" 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