Tag Archives: COVID-19 Pandemic

Capsule Aug

Economic Impact – Finally, a break for inflation

Please take a moment as Martin Gagnon, Executive Vice-President, Wealth Management, and Stéfane Marion, Chief Economist and Strategist at National Bank sit down to talk about the global economic situation and its impact on the Canadian market.

Here is a brief summary of the content:

  • Global economic contraction – not global recession.
  • Europe is experiencing contraction (mostly due to energy) which will be more than offset by growth in China.
  • US has experienced consecutive quarters of negative GDP growth (Textbook definition of recession).
  • Stéfane is less concerned about this because a primary cause is inventory accumulation due to expected supply issues. Moving forward, as inventories decrease to natural levels, GDP can increase without inflationary pressures.
  • Also, the old school definition of recession is no longer used by the National Bureau of Economic Research. It’s too simplistic.

Housing Market:

  • Inflation is decelerating and NB is predicting 3% rates and not 4%+
  • 67% of variable-rate mortgages have fixed payments. Reduces impact on cash flow.  (VRM are 1/3 of the mortgage market).
  • 35% of Canadian have a mortgage. Very low.


We are committed to remaining present and will continue to strive to keep our clients informed and up to date.

Best regards,

National Bank Financial

Rob Hunter
Senior Wealth Advisor

Capsule Aug

Video Capsule – National Bank Chief Economist and Strategist Stefane Marion

As the current economic context raises many questions, we are committed to remaining present and relevant more than ever by sharing information with you on an ongoing basis.

We are therefore pleased to introduce the latest information capsule in which Stéfane Marion, Chief Economist and Strategist at National Bank, and Martin Gagnon, Executive Vice-President, Wealth Management, continue to share their views on the current economic situation.








National Bank Financial – Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada(NBC) that is used under license by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor ProtectionFund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).