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Insurance and finance sector continue to grow

By The IJ Staff | February 03 2021 10:19AM

Photo: Freepik

Canada’s finance and insurance sector grew in November, up 1.3 per cent, on widespread growth across all subsectors, according to Statistics Canada.  

Canada’s finance and insurance sector grew in November, up 1.3 per cent, on widespread growth across all subsectors, according to Statistics Canada. Market sentiments improved following a number of global COVID-19 vaccine announcements, driving activity in equity and mutual funds markets on the Toronto Stock Exchange in November. 

Foreign investment in Canadian securities, through acquisition of Canadian shares in secondary markets and purchases of federal government securities, rose to their highest levels in months. At the same time, households' mortgage debt grew, expanding 7.4 per cent year over year in November. 

All of these developments contributed to a 3.5 per cent gain in financial investment services, funds and other financial vehicles and a 1.1 per cent expansion in depository credit intermediation and monetary authorities. Insurance carriers and related activities were up for the seventh consecutive month, increasing 0.6 per cent in November. 

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