Earlier in the month the Bank of Canada announced it's new rates, stating that "Economic recovery has not been strong enough to warrant a rate increase." The BoC decided to maintain it's 0.5% interest rate, citing economic growth is the priority.
The economy still continues to go through lengthy and complex adjustments. These adjustments are aided by the US recovery. The lower Canadian dollar is helping the export and non-resource sectors including real estate rise due to foreign investment. The west coast, primarily Vancouver, has seen and while continue to see a high amount of foreign Chinese investment in real estate due to the lower Canadian dollar, low interest rates and new policies for Chinese mainlanders.
The resource sector is still lower than expected due to the lack of business investment. Yet the labour market remains resilient at the national level.