The Bank of Canada’s key rate will begin to decrease again in the spring, according to Desjardins Group. This provides for an initial reduction of 50 basis points in the discount rate in the second quarter of 2024, which would be followed by two further reductions by the end of the calendar. The rate will therefore have fallen from 5.25% to 3.75%, according to this scenario. In his most recent speech, the central bank governor nevertheless wanted to temper Canadians’ expectations. “When the Governing Council is convinced that price stability is being restored, we will then consider lowering the key rate […], but it is still too early to think about it,” said Tiff Macklem.
Elections are to follow in four countries in particular. Americans will choose their president on November 5. The primary season begins January 23 in New Hampshire. In a geopolitical note, the team of economists from National Bank Financial (NBF) shines the spotlight on India where popular Prime Minister Narendra Modi is seeking a third term. In Taiwan, the fight is between the Progressive Democrats (DPP), close to the Americans, in power and leading in the polls, and the Kuomintang (KMT) which advocates appeasement with China. Mexicans will elect their president in June 2024. Andrés Manuel López Obrador is stepping down. His party, MORENA, chose as candidate the former mayor of Mexico City Claudia Sheinbaum, favorite to win the election, according to the FBN.
Luciano D’Iorio, regional president and managing partner of CDNGLOBAL Québec, placed the extension of the Réseau express métropolitain (REM) at the top of the list of his 24 ideas in 2024. “The REM will provide rapid access to the city center. Students will settle in the more affordable neighborhoods to the north and west,” he believes. The tunnel under Mount Royal and the Deux-Montagnes and West Island antennas must be inaugurated by the end of 2024. “The work is progressing very well in the tunnel,” confirms Michelle Lamarche, of CDPQ Infra. Tests should begin in Deux-Montagnes in the spring. » Currently, only the section between downtown and Brossard is in service.
The construction of the largest industrial project in the history of Quebec must begin at the beginning of 2024, hopes the Swedish cell manufacturer. “Prior to the start of the work, we must obtain a wetland intervention permit issued by the Ministry of the Environment, as well as a construction permit issued by the municipality of Saint-Basile-le-Grand. Currently, we are on hold,” writes Emmanuelle Rouillard-Moreau, communications specialist at Northvolt. The previous owner of the land, Quartier MC2 (Luc Poirier and company), waited three years before receiving a definitive refusal of his request from the Ministry. The bill for the complex, announced with great fanfare last September, is estimated at 7 billion.
The employment contract of some 1,200 longshoremen expired on December 31. Negotiations have been underway since September. Union members look with envy at the salary increases of nearly 20% in four years obtained by their comrades in Halifax and Vancouver. “If there was an agreement in principle in Vancouver and no special law, it is due to the presence of a minority government in Ottawa,” says Michel Murray, advisor for the union affiliated with the Canadian Union of Employees. (CUPE). Relations are historically tense between maritime employers and CUPE. Strikes occurred in 2020 and 2021, which resulted in special law. Volumes handled at the Montreal port fell by 4.6% year-on-year.
The new generation shopping center which has received much attention since its announcement in 2018 will open its doors in August 2024. Worth 1.4 billion, phase 1 of almost 100,000 square meters will have 35 restaurants and the boutiques of Louis Vuitton, Gucci, RH and Tiffany, confirms Claude Marcotte, partner at Carbonleo. A new well-being and beauty concept, Rennaï, will cover 3,350 square meters. The pedestrian bridge of more than 30 million which spans Décarie Boulevard to reach the De la Savane metro station will be inaugurated. It’s an architectural work in itself, signed by Sid Lee, says Mr. Marcotte. The initial phase also includes a 7,200 square meter public square, which will host cultural events.
Île-de-France will open its doors in spring 2024 after extensive work, assures its owner Ivanhoé Cambridge, a subsidiary of the Caisse de dépôt et placement. The operation of the restaurant is entrusted to a group of entrepreneurs including Andy Nulman (co-founder of Just For Laughs) and The 7 Fingers, who will take care of public events. The private events will be managed by Madeleine Kojakian, founder of Maddy K Atelier, says Annik Desmarteau, vice-president of offices for Quebec at Ivanhoé. The work on this Art Deco masterpiece was carried out in collaboration with EVOQ Architecture, a firm specializing in heritage conservation. Their cost will not be made public. Broker Luciano D’Iorio sees potential for receptions that do not require hotel room reservations.
