Five Canadian business stories to watch this week

Fiscal update

Finance Minister Chrystia Freeland is expected to deliver a long-awaited update on the health of federal finances on Monday. The Liberals say the update will provide the government's outlook for the economy and spending guidelines to keep deficits from spiralling out of control. Observers are looking for a plan to manage the near-term impacts of the pandemic and also the longer-term effects it will have on the country. Following the fiscal update, join the Ottawa Board of Trade, the Ottawa Business Journal and its partners for a virtual event that will provide a prognosis on Canada’s economic health.

September GDP figures

Statistics Canada is set to release gross domestic product figures for September on Tuesday. StatCan previously reported that the pace of economic growth in Canada slowed in August as real gross domestic product grew 1.2 per cent in the month, compared with a revised 3.1 per cent gain in July.

Bank earnings

Earnings kick off for Canada's big banks on Tuesday, with results from BMO and Scotiabank on Tuesday, RBC on Wednesday and TD on Thursday. Analysts say the optimism expressed by politicians and health officials regarding the efficacy of COVID-19 vaccines won't likely be shared by bank executives, who are still making provisions for credit losses tied to the recession caused by the pandemic.

Latest home sale numbers

Toronto Regional Real Estate Board releases monthly home sales data on Thursday. Toronto's real estate market fractured in October as buyers favoured suburban neighbourhoods and detached homes while sellers wanted out of downtown condos.

November jobs numbers

Statistics Canada is set to release its Labour Force Survey for November on Friday. The pace of job growth slowed in October as the economy added 83,600 jobs in the month compared with 378,000 in September. The gains marked the sixth straight month of gains after three million jobs lost over March and April when the pandemic first hit Canada hard.