This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.
All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.
COVID-19 timeline
- The Government of the Northwest Territories announced on November 2nd it had extended the State of Emergency in the City of Yellowknife until November 15th. On November 16th, the Government extended the State of Emergency in Yellowknife until November 29th.
- On November 9th the Government announced it had extended the territory-wide Public Health Emergency until November 23rd. On November 23rd, the Government extended the Public Health Emergency until December 7th.
- The Government of Nova Scotia announced on November 12th that it was renewing the state of emergency, effective November 14th, until November 28th. On November 26th, the Government renewed the state of emergency until December 12th.
- The Government of Nunavut announced on November 12th it had extended the territory's public health emergency until November 25th. On November 26th, the Government extended the public health emergency until December 9th.
Selected COVID-19 responses
- On November 2nd, the Government of Canada announced that effective November 30th, international flights carrying passengers would be permitted to land at the following additional Canadian airports:
- St. John's International;
- John C. Munro Hamilton International;
- Region of Waterloo International;
- Regina International;
- Saskatoon John G. Diefenbaker International;
- Kelowna International;
- Abbotsford International; and
- Victoria International.
- On November 19th, the Government announced that effective November 30th, fully vaccinated individuals with right of entry to Canada who depart and re-enter the country within 72 hours of leaving Canada will not have to present a pre-entry molecular test. The Government also said that as of January 15, 2022, certain groups of travellers, who are currently exempt from entry requirements, will only be allowed to enter the country if they are fully vaccinated and that these groups include:
- Individuals travelling to reunite with family;
- International students who are 18 years old and older;
- Professional and amateur athletes;
- Individuals with a valid work permit, including temporary foreign workers (outside of those in agriculture and food processing); and
- Essential service providers, including truck drivers.
- Also on November 19th, the Government announced it had authorized the use of the Pfizer-BioNTech Comirnaty COVID-19 vaccine in children 5 to 11 years of age.
- On November 26th, the Government announced that as a precautionary measure, until January 31, 2022, it was implementing enhanced border measures for all travellers who have been in the Southern Africa region – including South Africa, Eswatini, Lesotho, Botswana, Zimbabwe, Mozambique, and Namibia - within the last 14 days before arriving in Canada due to the detection of a new COVID-19 variant of concern (Omicron) in South Africa. The Government said that foreign nationals who have travelled in any of these countries within the previous 14 days will not be permitted entry into Canada.
- On November 2nd, the Government of Quebec announced the easing of several health measures, effective November 15th, including:
- The instruction to favor teleworking, when possible, ends;
- Dancing and karaoke will now be permitted in restaurants, bars, and casinos;
- Capacity limits will be removed, and physical distancing will no longer be required at non-essential gatherings such as conferences, conventions, performances, festivals, and events, however a vaccination passport will be required.
- On November 3rd, the Government announced that health and social services workers who are still not adequately protected will be able to remain in post November 15th, but respecting several conditions to ensure the safety of users and their colleagues.
- On November 8th, the Government announced that the plan to return to workplaces for staff of the public service will begin gradually and in a hybrid mode from November 15, 2021, until January 28, 2022. The Government said that when this final phase is completed, all staff will have adopted the hybrid mode of teleworking and presence in the workplace for a minimum of two days per week.
- On November 2nd, the Government of Prince Edward Island announced the easing of some public health measures, effective immediately, including increasing the personal gathering limit to 50 people.
- On November 4th, the Government of Nunavut announced that public health measures in Coral Harbour would be eased, and that effective immediately:
- Outdoor gatherings are limited to 50 people;
- Indoor gatherings in dwellings are restricted to 10 people, plus household members;
- Indoor public gatherings, including conference spaces and community halls, are limited to 50% capacity;
- Fitness centres are limited to 50% capacity;
- Arenas are limited to 50% capacity and a maximum of 50 spectators;
- Personal services such as beauty salons and hairdressers may re-open;
- Restaurants may open to 25% capacity;
- Group counselling sessions are limited to 10 people; and
- Parks and playgrounds may open, but buildings remain closed.
- On November 19th, the Government announced the easing of public health measures in Coral Harbour and that effective immediately:
- Outdoor gatherings increase to 100 people;
- Indoor gatherings in dwellings increase to 15 people, plus household members;
- Indoor public gatherings, including conference spaces and community halls, increase to 50% capacity;
- Restaurants and licensed establishments may open to 50% capacity;
- Group counselling sessions increase to 20 people; and
- Parks and playground buildings may open.
- Also on November 19th, the Government announced the easing of public health measures in Pond Inlet and that effective immediately:
- Outdoor gatherings are limited to 50 people;
- Indoor gatherings in dwellings are restricted to 10 people, plus household members;
- Indoor public gatherings, including conference spaces and community halls are limited to 50% capacity;
- Libraries and galleries are limited to 50% capacity;
- Gyms and fitness centres are limited to 50% capacity;
- Arenas are limited to 50% capacity and 50 spectators;
- Personal services such as beauty salons and hairdressers may open;
- Restaurants and licensed establishments may open to 25% capacity;
- Group counselling sessions are limited to 10 people; and
- Parks and playgrounds may open, but buildings remain closed.
- On November 4th, the Government of New Brunswick announced that the circuit breaker would continue for another seven days in a large section of Zone 1 (Moncton region) and a large part of Zone 2 (Saint John region). The Government also said that effective November 5th, circuit breaker restrictions in the northern part of Zone 3 (Fredericton region), Zone 4 (Edmundston region), and Zone 5 (Campbellton region) would be lifted.
- On November 10th, the Government of New Brunswick announced an end to the circuit breaker measures in Zone 2 (Saint John region) effective November 12th. The Government said the circuit breaker would continue for another seven days in part of Zone 1 (Moncton region) and that with a continued increase of cases in Zone 7 (Mirimichi region), a circuit breaker would take effect on November 12th.
- On November 8th, the Government of the Yukon announced it was declaring a state of emergency under the Civil Emergency Measures Act (CEMA) effective immediately and that the new measures would include:
- Limits on personal gatherings to 10 people from a maximum of two households if all eligible people are vaccinated; household members only if any eligible people are unvaccinated;
- Indoor gatherings limited to 25 individuals with proof of vaccination required; outdoor gatherings limited to 50 individuals;
- Maximum 50% capacity with proof of vaccination required on seated ticketed events, including arts and sporting events;
- Proof of vaccination required for table service at restaurants, bars, and nightclubs with a limit of six individuals per table; no counter service, no moving between tables and no dancing;
- High intensity classes are suspended at gyms, fitness, and yoga studios and classes, proof of vaccination required for low intensity classes and organized sports; and
- Proof of vaccination required for personal services.
- On November 10th, the Government announced that starting November 13th, people 12 years of age and older would be required to provide proof of vaccination to access designated establishments and services in the Yukon, including in bars, restaurants, gyms, recreation facilities, art galleries, theatres, and hair and nail salons. The Government said it was also implementing a new vaccine requirement for all territorial government employees, including teachers, as well as all front-line health care workers, and that employees will be required to have their first dose of vaccine no later than November 30th and their second dose no later than January 30th.
- On November 10th, the Government of Ontario announced it was pausing the lifting of capacity limits in remaining higher-risk settings where proof of vaccination is required, including at:
- food or drink establishments with dance facilities such as night clubs and wedding receptions;
- strip clubs; and
- sex clubs and bathhouses.
- On November 12th, the Government of Newfoundland and Labrador announced that effective November 13th, capacity limits would be increased for indoor and outdoor formal gatherings and select venues where proof of vaccination is required.
- On November 17th, the Government announced that in keeping with the mandatory vaccine policy for provincial Government employees, the COVID-19 Vaccine Regulations also require that employees and service providers of certain businesses, facilities, and organizations must be fully vaccinated by December 17, 2021. The Government said the regulations apply to certain self-employed individuals and people who provide services in their home or a client's home.
- On November 25th, the Government of Saskatchewan announced that its current public health order, including mandatory masking in public places and proof of vaccination or negative test requirements for access to a list of establishments, businesses, and event venues, would be extended to January 31, 2022.
British Columbia Flooding
- The Government of British Columbia on November 17th declared a provincial state of emergency to mitigate impacts on transportation networks and movement of essential goods and supplies, and to support the provincewide response and recovery from the widespread damage caused by severe flooding and landslides in British Columbia. The Government said the state of emergency is initially in effect for 14 days.
- Calgary-based Trans Mountain announced that it had shut down the Trans Mountain Pipeline on November 14th in response to heavy rainfall and extreme weather conditions. The company said that construction on the Trans Mountain Expansion Project remains stood down in the Fraser Valley, Coquihalla, and Interior regions of British Columbia affected by the weather event and that construction will restart when it is safe and practical to do so. On November 26th, Trans Mountain said the pipeline remained shut.
- On November 22nd, Calgary-based Parkland Corporation announced that in response to the ongoing crisis in British Columbia that resulted in the shutdown of the Trans Mountain Pipeline, it had initiated steps to pause refinery processing operations at the Burnaby Refinery and maintain the refinery in ready-mode. Parkland said its blending, shipping, terminal, and rack activities remain operational.
- On November 17th, Calgary-based Canadian Pacific Rail (CP) announced that operations between Spences Bridge and Falls Creek, British Columbia remained suspended following heavy rains that had resulted in multiple track outages. On November 24th, CP announced that its operations between Kamloops and Vancouver had resumed on November 23rd and that the first trains going to Vancouver had arrived on November 24th.
Resources
- Calgary-based Canadian Natural Resources Limited and Storm Resources Limited, also of Calgary, announced they had entered into a definitive agreement pursuant to which Canadian Natural Resources agreed to acquire all of the issued and outstanding common shares of Storm for an enterprise value of $960 million. The companies said the transaction is expected to close in December 2021, subject to normal closing conditions, including shareholder, court, and certain regulatory approvals.
- Vancouver-based Pretium Resources Inc. announced it had entered into a binding agreement with Newcrest Mining Limited of Australia under which Newcrest agreed to acquire all of the outstanding shares of Pretium it does not already own for a total equity value of $3.5 billion. Pretium said the transaction is expected to be completed in the first quarter of 2022, subject to shareholder, court, and regulatory approval and other customary closing conditions.
Manufacturing
- Detroit-based General Motors Company announced the reopening of the Oshawa Assembly plant and the start of production of the Chevrolet Silverado pickup. GM said the return of truck production will create 1,800 new jobs to support two shifts of production and that it will begin shipping trucks to dealers in December 2021.
Retail
- Toronto-based Restaurant Brands International Inc. and Firehouse Restaurant Group Inc. of Florida announced they had reached an agreement for Restaurant Brands to acquire Firehouse Subs for USD $1.0 billion in an all-cash transaction. The companies said the transaction is expected to close in the coming months subject to satisfaction of customary closing conditions and regulatory approvals.
- Toronto-based Freshii Inc. announced it had entered into a new multi-unit franchise agreement with Level Hospitality of Toronto for the planned development of 20 new restaurant locations over the next six years in Texas.
Transportation
- Edmonton-based Flair Airlines announced nonstop flights to Cancun and Los Cabos, Mexico, from Vancouver, Abbotsford, Edmonton, Ottawa, and Kitchener-Waterloo starting February 1st, 2022.
Finance and Insurance
- On November 4th, the Office of the Superintendent of Financial Institutions (OSFI) announced that effective immediately, federally regulated financial institutions may again increase regular dividends and executive compensation. OSFI also said that subject to the existing requirement of Superintendent approval, federally regulated financial institutions may once again repurchase shares.
Other news
- The Government of Ontario on November 4th released the 2021 Ontario Economic Outlook and Fiscal Review: Build Ontario, which included investments in health and long-term care, infrastructure, workers, as well as a proposed increase in the minimum wage to $15 per hour on January 1, 2022. The Government forecasts a $21.5 billion deficit in 2021-22 and real GDP growth of 4.3% in 2021 and 4.5% in 2022.
- The Government of Prince Edward Island on November 5th delivered the fall fiscal and economic update, which included investments in health care, education, and the environment, as well as tax reductions. The Government forecasts a $60.6 million deficit for 2021-22 and real GDP growth of 3.9% in 2021 and 3.3% in 2022.
- The Government of Newfoundland and Labrador on November 24th delivered its fall fiscal and economic update. The Government forecasts a deficit of $595 million in 2021-22 and real GDP growth of 5.8% in 2021.
- The Government of Quebec on November 25th delivered its economic update, which included investments to help Quebeckers meet the cost of living, stimulate economic growth, support families and communities, and strengthen the health system. The Government forecasts a $6.8 billion deficit in 2021-22, after the payment of revenue devoted to the Generations Fund, and real GDP growth of 6.5% in 2021 and 3.3% in 2022.
- The Government of New Brunswick announced on November 6th it had issued a mandatory order and that all workers in CUPE 1252, who provide services required for the health and safety of patients, and workers in CUPE 1190 and CUPE 1251, who work in the health services supply chain and laundry and linen services, were required to return to work at their next scheduled shift.
- On November 13th, the Government announced it had reached tentative collective agreements with the seven local bargaining units represented by the Canadian Union of Public Employees (CUPE). The Government said all strikes and lockouts end immediately and employees will return to work as soon as operationally feasible.
- On November 19th, the Government announced that six of the seven CUPE bargaining units had ratified new five-year agreements with the provincial government. The Government said CUPE 1253, which represents school bus drivers, custodians, and maintenance workers in the school system, voted against the offer.
- The Government of Newfoundland and Labrador advised that on October 30th, a cyber incident impacted critical IT systems supporting healthcare providers across the province.
- Waterloo-based OpenText announced it had entered into a definitive agreement to acquire Zix Corporation, Inc. of Texas, a provider of SaaS-based email encryption, threat protection, and compliance cloud solutions for small and medium-sized businesses, for a total purchase price of approximately USD $860 million. OpenText said the transaction is expected to close within 90 days, subject to shareholder and regulatory approvals and customary closing conditions.
- Washington State-based Amazon Web Services, Inc., an Amazon.com, Inc. company, announced plans to open an infrastructure Region in Calgary in late 2023/early 2024. The company said it plans to invest over $4 billion by 2037, which includes capital expenditures on the construction of data centers and operational expenses and is estimated to create more than 950 new full-time equivalent jobs in Canada.
United States and other international news
- On November 15th, the Government of the United States announced that the President Joseph R. Biden Jr. had signed into law H.R. 3684, the "Infrastructure Investment and Jobs Act".
- The U.S. Federal Open Market Committee (FOMC) decided to keep the target range for the federal funds rate at 0.00% to 0.25%. The last change in the target range was a 100 basis points decrease announced in March 2020. The FOMC also said that in light of the substantial further progress the economy has made toward the Committee's goals since last December, the Committee decided to begin reducing the monthly pace of its net asset purchases by $10 billion for Treasury securities and $5 billion for agency mortgage-backed securities. The Committee said that similar reductions in the pace of net asset purchases will likely be appropriate each month.
- The Bank of England's Monetary Policy Committee (MPC) voted to maintain the Bank Rate at 0.1%. The MPC also voted to maintain the stock of sterling non-financial investment-grade corporate bond purchases at £20 billion, and to continue with the existing programme of U.K. government bond purchases, maintaining the target for the stock of these government bond purchases at £875 billion.
- The Reserve Bank of Australia (RBA) maintained the target for the cash rate at 0.10%. The last change in the target for the cash rate was a 15 basis points reduction in November 2020. The RBA also said it would continue to purchase government securities at the rate of AUD $4 billion a week until at least mid-February 2022 and that it had decided to discontinue the target of 10 basis points for the April 2024 Australia Government bond.
- The Reserve Bank of New Zealand (RBNZ) increased the Official Cash Rate (OCR), its main policy rate, by 25 basis points to 0.75%. The last change in the OCR was a 25 basis points increase in October 2021.
- The Monetary Policy and Financial Stability Committee of Norway's Norges Bank decided to keep the policy rate unchanged at 0.25%. The last change in the policy rate was a 25 basis points increase in September 2021.
- The Executive Board of Sweden's Riksbank left the repo rate unchanged at 0.00% and said the rate will be raised in the latter part of 2024. The Riksbank also said it would purchase bonds during the first quarter of 2022 to compensate for forthcoming principal payments in its asset holdings.
- OPEC and non-OPEC members announced they had decided to adjust upward the monthly overall production by 0.4 mb/d for the month of December 2021.
- California-based McAfee Corp., LLC announced it had entered into a definitive agreement to be acquired by an investor group led by Advent International Corporation of Massachusetts in an all-cash transaction valued at approximately USD $14 billion on an enterprise value basis. McAfee said the transaction is expected to close in the first half of 2022, subject to customary closing conditions, including shareholder and regulatory approvals and clearance by the Committee on Foreign Investment in the United States.
- Illinois-based Deere and Company announced on November 17th that its production and maintenance employees had voted to ratify new six-year collective bargaining agreements that cover more than 10,000 workers at 14 facilities across the United States.The United Auto Workers Union (UAW) had announced on October 14th that John Deere members had struck at midnight.
Financial market news
- West Texas Intermediate crude oil closed at USD $66.18 per barrel on November 30th, down from a closing value of USD $83.57 at the end of October. Western Canadian Select crude oil traded in the USD $40 to $70 per barrel range throughout November. The Canadian dollar closed at 78.17 cents U.S. on November 30th, down from 80.75 cents U.S. at the end of October. The S&P/TSX composite index closed at 20,659.99 on November 30th, down from 21,037.07 at the end of October.