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  1. Théâtre Saint-James. Avant The Canadian Bank of Commerce vas être rénoné en Théâtre. Je n'ai pas plus d'info. . Yvon L'Aîné
  2. Very very cool story. The building was constructed in 1929 for the Laurentian Bank. In 1975, the bank covered the building with chunky cladding made of metal and white stucco. Then, last spring, the overlay was torn off, revealing a striking stone building built in a Beaux Arts style, made of Scottish red sandstone. - The new owner plans to set up his son’s veterinary clinic in one of two ground-floor commercial spaces. - A third floor will be added to the building to accommodate 15 residential condo units. http://montrealgazette.com/news/local-news/montreal-diary-new-life-for-parc-ave-building http://histoireplateau.org/architecture/architectures_traditionnelles/facades/ancienneFacadeBeauxArts.html
  3. http://business.financialpost.com/2011/10/14/rbc-trades-bay-street-for-bay-view/ They are going to have a nice new place.
  4. Avec quelques commentaires architecturaux pour vous tous. Source: Dallas News “This,” says Martin Robitaille, “is the Old Sulpician Seminary. It dates to 1685 and is the oldest building still standing in Old Montreal. And this,” he goes on, sweeping his hand at a building across the street from the seminary, “is Mistake No. 1.” The more formal name of the latter edifice is the National Bank of Canada Tower. It was finished in 1967 and is done in the International Style: 52 concrete pillars rising 32 stories, covered in black granite, framing black-tinted windows. “Its elegant, sober appearance was intended to harmonize with the rest of the historical quarter of Old Montreal,” according to a panel in the nearby Centre d’histoire de Montréal museum, but many, including Robitaille, think it most certainly does not. Robitaille could be considered biased: He’s a professional tour guide, and his beat today is the section of Montreal just north of the St. Lawrence River, roughly a dozen blocks long and three blocks wide, that is the city’s historic center. The quarter’s small, crooked streets are filled by handsome buildings of dressed limestone, some somberly Scottish and plain, some effusively Italian, with intricate carvings and terra cotta ornamentation. Stand at any of a dozen intersections — Sainte-Hélène and des Récollets is a good example — and you are transported, architecturally at least, back in time. Which is why Robitaille finds the incursion of something in the International Style so grating. It really ruins the mood. His tour begins at Place d’Armes, in the shadow of a statue of one of the people who founded the city in 1642, Paul de Chomedey de Maisonneuve. “They came here to convert the natives,” Robitaille says. “Not so successful. After about 20 years, it became a commercial center. The fur trade.” As European demand for fur grew, so did Montreal. Its success as the funneling point of pelts from Canada’s vast forests to the Continent made it the obvious spot to locate head offices when settlers began to pour into the west. “The Golden Age was from 1850 to 1930,” Robitaille says. “That’s when Montreal was at its best.” And that’s when most of the buildings in Old Montreal were constructed. Robitaille’s tour takes us along Rue Saint-Jacques, once the heart of Montreal’s — and Canada’s — financial district. At the corner of Rue Saint-Pierre he points out four bank buildings, two of which, the CIBC and the Royal, still perform their original function. The Royal’s banking hall, built in 1928, is “a temple of money,” our guide says: soaring stone, coffered ceiling, echoing and imperious. The other two banks have been turned into high-end boutique hotels . LHotel is the plaything of Guess Jeans co-founder Georges Marciano. Marciano has sprinkled its lobby and hallways with $50 million worth of art from his private collection, including works by Roy Lichtenstein, Joan Miró, Robert Rauschenberg , Marc Chagall, David Hockney, Jasper Johns and Andy Warhol. Across the road, the former Merchants Bank is now the St. James, “considered the most luxurious hotel in town,” says Robitaille. The top floor is where folks like Elton John, U2 and the Rolling Stones stay when they’re in town. We twist and turn through Old Montreal’s narrow streets. Hidden away at 221 Saint-Sacrement is one of the few old houses left, three stories, solid stone. Today, it houses offices. “Most of the architecture surrounding us is commercial, not residential,” Robitaille says. The banks were the most lavish in design, but the warehouses, many now renovated as condominiums, were nearly as spectacular. When Robitaille was a child, his parents never brought him to Old Montreal. Then, as now, it was a bit cut off from the present-day downtown, further north, by the auto route Ville-Marie. After the banks decamped in the 1960s, Old Montreal spent the next several decades in decay. At one point, much of it was to be torn down for yet another freeway. A slow-swelling preservation movement finally gained traction in 1978 when the grain elevators blocking the view of the St. Lawrence River were demolished and a riverside walk opened. Over the next three decades, investors began to see the value in resuscitating the neighborhood. Now, more than 5,000 people call Old Montreal home, living mainly in converted warehouses. Restaurants, cafes, small hotels and plenty of art and clothing stores keep the area bustling. A tour like Robitaille’s is a fine way to be introduced to Old Montreal. For those who want to know more, two museums, the Centre d’histoire de Montréal, in a 1903 fire hall next to Place d’Youville (the site of the two Canadas’ parliament until rioters torched it in 1849), and the Pointe-à-Callière Montreal Museum of Archaeology and History, are the places to go. In the basement of the latter are the ruins of buildings that previously stood on the site, along with part of the tunnel that Little Saint-Pierre River once ran through and the city’s first graveyard, filled largely with the bodies of those killed by Iroquois attacks in the settlement’s earliest days. For those who prefer to strike out on their own, Discover Old Montreal, a well-illustrated booklet published by the provincial government, provides a detailed self-guided walking tour and is for sale in both museums. For those who just want to soak in the ambience, the simplest thing is to start in Place Jacques Cartier and stroll first east and then west along Rue Saint-Paul, Montreal’s oldest street. (Its rough paving stones make comfortable walking shoes a necessity.) Robitaille’s final stop is at the Château Ramezay. Built in 1705 as a home for the governor of Montreal, it served several other purposes through the years, including sheltering Benjamin Franklin in 1776, before it became a museum in 1895. “It’s one of only six buildings from the French period, before 1763, still standing,” says our guide. A block away is the modern courthouse complex, finished in 1971 and designed by the same people who did the National Bank tower. “That,” says Robitaille with a final flourish, “is Mistake No. 2.” And so Old Montreal comes to an end.
  5. The Saudi capital is unlikely to become an alternative to Dubai any time soon May 11th 2013 | RIYADH |From the print edition THE glass-clad skyscrapers are reaching ever higher into Riyadh’s dusty sky. The first tenants are due to move to the King Abdullah Financial District in the Saudi capital’s north-west later this year. But they may well find it a lonely place: enthusiasm is clearly lacking for the development, which boasts 42 buildings and 900,000 square metres of office space—similar in scale to London’s Canary Wharf. Granted, new office districts often take time to come to life. Canary Wharf had to battle against sceptics for many years before becoming the success it is today. But it is unclear how Riyadh’s new district will develop into what it is meant to be: a sober Saudi alternative to Dubai’s exuberant International Financial Centre. To date just 10% of the district’s office space has been leased; tenants will include the country’s stockmarket regulator, the Capital Markets Authority, and one large local bank, Samba. A further 10% is under negotiation, according to sources close to the developers of the project. A big problem is its size. The Saudi economy may be doing well on the back of high oil prices, but not so well that its businesses could easily digest all the extra property. The new financial district has three times as much high-end office space as the rest of Riyadh. In other words, even if every company in the city’s plusher offices moved to the new district it would still be two-thirds empty. Costs are another hurdle. “It might be prestigious but why should I pay an arm and a leg to be there?” asks a local executive. Some banks, like Arab National Bank and Al Rajhi Bank, are building new towers elsewhere. Even the Saudi central bank is thought to be staying where it is. But if banks do not fill the space, then who will? Accountants, lawyers and insurance firms are not nearly numerous enough. They also remain to be convinced of the development’s merits. “There’s going to be all those towers, but for what? It looks like an overbuilt proposition,” says a Riyadh lawyer. Nor are foreign firms likely to be of much help. Riyadh may be the centre of the region’s biggest economy, boasting more people and oil revenues than anywhere else. But unlike Dubai, as a financial centre the city is inward-looking, with banks largely servicing the domestic economy. That, as well as a lack of cultural life, prevent it from becoming a regional financial hub. Yet at some point the new district may still serve its purpose. The owner has pockets deep enough to take the long view. The project was the brainchild of the Capital Markets Authority, with support from the Public Pensions Agency. One of the agency’s subsidiaries, the Rayadah Investment Company, has taken over the development, which is estimated to cost between $7 billion and $10 billion. More important, so many near-empty buildings will be a political embarrassment, in particular since the new district carries the king’s name. Authorities may yet lean on the banks to move. Optimism and market forces alone will certainly not be enough to fill all the space. From the print edition: Finance and economics http://www.economist.com/news/finance-and-economics/21577424-saudi-capital-unlikely-become-alternative-dubai-any-time-soon-empty?frsc=dg%7Cc
  6. (Courtesy of the Financial Post) Congrats to the National Bank of Canada. Singapore supposedly like the new Switzerland.
  7. (Courtesy of the Financial Post) RBC is pulling out, yet BMO and TD are expanding. Lets see what happens.
  8. La succursale va fermer. C'est incroyable. On dirait presque un canular. Perte immense pour le patrimoine de Montréal... *** Royal Bank abandons historic 360 St. Jacques building June 23, 2010. 1:57 pm • Section: Metropolitan News The Royal Bank of Canada is closing its historic branch in Old Montreal, in what was once the tallest building in the British Empire and the bank’s head office. The image above, from Google Earth, shows the building (in the middle, foreground) and the skyscrapers that followed it. The bank has more on the history of the Montreal landmark here and here. And check out this city of Montreal history. This story appeared in the Granby Leader-Times on March 4, 1927: http://blogs.montrealgazette.com/2010/06/23/royal-bank-abandons-historic-360-st-jacques-building/
  9. (Courtesy of The National Post via. The Montreal Gazette) Interesting idea. I just hope they can phase out the penny once and for all.
  10. CIBC on St Jacques moved into Quebecor-Videotron and now RBC on St Jacques is planning on moving into the "Stock Exchange Tower" near Square Victoria in 2012. I am quite surprised to get a letter from RBC this morning saying they were moving. It was such a wonderful location. I guess the rent was getting to high for them. Seeing in the letter, they were only occupying about 20% of the building now. Interesting thing is about the RBC building, its owned and managed by a company that operates out of Halifax, but the head guy runs a business in New York called "Time Equities Inc". The company in Halifax is called "360 St Jacques Nova Scotia Inc" or something like that. Whats more interesting is, the head office is in a building called "Bank of Montreal Tower". One of the owners/members/chairs part of "360 St Jacques Nova Scotia" is Montreal's own George Coulombe that over sees 360 St Jacques (RBC building) here in Montreal. One thing that was interesting in the letter was that RBC actually sold the building back in the 60s. Anyways I just wonder who will take up the space at CIBC and RBC now.
  11. Canada to switch to plastic bills next year Last Updated: Saturday, March 6, 2010 | 2:19 PM ET CBC News They say money doesn't grow on trees. Well, the federal government has taken that adage to heart — it announced earlier this week that Canada's paper-cotton banknotes would be replaced by newly designed plastic ones next year. It's part of a plan to modernize and protect Canadian currency against counterfeiting. The new plastic bills, made from a polymer material, are harder to fake, recyclable, and two to three times more resistant to tearing, the Bank of Canada said. Australia has used polymer banknotes since the 1990s, and an Australian company will provide the material for Canada. Several other countries have adopted polymer banknotes including New Zealand, Vietnam and Romania. The new notes won't be in circulation until sometime in 2011. In the meantime, the central bank is keeping mum on what the new bills will look like. "I can't divulge that information because they will be issued in about 18 months — that's a long ways away," said Bank of Canada spokesperson Julie Girard. "We want to keep a little bit of information from potential counterfeiters so they don't get a leg up and start producing any counterfeits." CBC News wanted to get some local Canadians' impressions of the polymer bills. Reporter Sandra Abma took an Australian banknote and a classic cotton-paper Canadian bill and asked people on the streets of Ottawa to compare. The opinions were mixed. "It would be easier to lose, I think," said one woman, after rubbing her fingers on the polymer bill. "It's soft and smooth and it could slide out easier." "This feels like Monopoly money actually," said a young man. "It's like I took this out of a board game and then went to buy Timmy's with it." Read more: http://www.cbc.ca/canada/ottawa/story/2010/03/06/ott-plastic-money.html#ixzz0hXA51DI4
  12. (Courtesy of The Financial Post) It is pretty easy you sign up with your credit card or debit and few days later you get your gold delivered to your front door I read somewhere else you can buy up to $6000 CDN worth of Gold per day so almost 6 ounces. Scotia Mocatta
  13. GDS

    2009 Global 500

    Rank Company Global 500 rank Revenues ($ millions) City 1 Royal Bank of Canada 211 $36,616 Toronto 2 Power Corp. of Canada 226 $35,125 Montreal 3 George Weston 254 $32,361 Toronto 4 Manulife Financial 276 $30,948 Toronto 5 EnCana 284 $30,064 Calgary 6 Suncor Energy 325 $27,680 Calgary 7 Petro-Canada 340 $26,054 Calgary 8 Bank of Nova Scotia 343 $25,944 Toronto 9 Onex 353 $25,207 Toronto 10 Toronto-Dominion Bank 354 $25,070 Toronto 11 Magna International 384 $23,704 Aurora 12 Husky Energy 396 $23,162 Calgary 13 Bombardier 468 $19,721 Montreal 14 Bank of Montreal 479 $19,365 Toronto SunCor et Petro Canada fusionnent et deviendront premier l'année prochaine.
  14. Trump Files Suit Against Lenders Developer Seeks to Extend $640 Million Loan on a Chicago Skyscraper Wsj.com By ALEX FRANGOS Tall Trouble: Donald Trump's Chicago skyscraper project, the Trump International Hotel & Tower, during construction in July. Mr. Trump is suing to extend a $640 million senior construction loan on the 92-story Trump International Hotel & Tower from a group of lenders led by Deutsche Bank AG and including a unit of Merrill Lynch & Co., Union Labor Life Insurance Co., iStar Financial Inc., a publicly traded real-estate investment trust, and Highland Funds, a unit of Highland Capital Management LP. The tower, which contains 339 hotel rooms and 486 condominiums, will be the second-tallest building in the U.S. behind Chicago's Sears Tower and is expected to be completed in mid-2009. The hotel, on the lower floors, opened earlier this year. But sales of both the hotel rooms and the condominiums have come in below original estimates and the project's current projected revenue remains short by nearly $100 million needed to pay off the senior lenders. The lawsuit, filed in New York State supreme court in Queens, is a further indication of the dysfunction in the real-estate lending markets as borrowers and lenders struggle to resolve troubled projects. People familiar with the matter say the lender group, which is made up of more than a dozen institutions, was unable to agree on the extension. The suit demands -- among other things -- that an extension provision in the original loan agreement be triggered because of the "unprecedented financial crisis in the credit markets now prevailing, in part due to acts Deutsche Bank itself participated in." This so-called force majeure provision is common in contracts and can be applied to acts of war and natural disasters. Mr. Trump already extended the loan once in May. From the Archives Mr. Trump asked for $3 billion in damages. The suit won't affect construction of the project, according to people familiar who say there is enough money to complete the $90 million work that is left. The suit says Mr. Trump attempted to resolve the impasse by offering to buy the project's unsold hotel units for $97 million. That money would be used to pay down the construction loan, along with the $204 million in proceeds from closed units and the $353 million that is expected from units that close in the next six months. A Deutsche Bank spokesman declined to comment. Mr. Trump has put $77 million of his own equity into the tower, which he would stand to lose in a potential foreclosure. Other than a $40 million guarantee to complete the project, Mr. Trump has no recourse obligations to the project. A Trump spokesman declined to comment. [Trump, Donald] Deutsche Bank originated the construction loan in 2005 and sold off most of it to others, retaining less than $10 million of exposure on that loan. The suit alleges that Deutsche Bank compromised the senior construction loan by selling pieces off to "so many institutions, banks, junk bond firms, and virtually anybody that seemed to come along," that the lending group is unable to come to a consensus on how to deal with the matter. It also alleges Deutsche Bank created a "serious conflict of interest" by taking a separate stake in the project's so-called mezzanine loan that was originated by private-equity firm Fortress Investment Group. The mezzanine loan, which is junior to the senior construction loan, had an original principal of $130 million but will eventually accrue to $360 million. Deutsche Bank purchased roughly one-quarter of the mezzanine loan, according to people familiar with the matter. The suit names the mezzanine lenders as defendants, including Fortress and its affiliates, Newcastle Investment Corp. and Drawbridge Special Opportunities Fund, as well as Dune Capital Management and Blackacre Institutional Capital Management, the real-estate arm of Cerberus Capital Management. Fortress didn't respond to a request for comment. The other lenders declined to comment. Unless sales of the condo and hotel units restart despite the worst housing market in generations, and quickly generate $400 million in new sales, it will be difficult for the project to pay off the mezzanine loan, which comes due in May 2009.
  15. La banque américaine en cours de rachat par Bank of America a de nouveau enregistré de lourdes pertes au troisième trimestre, marqué par près de 10 G$ US de dépréciations. Pour en lire plus...
  16. Cette décision fait suite du rachat de la banque d'affaires Merrill Lynch et en raison du «mauvais climat économique». Pour en lire plus...
  17. Canada's inflation rate jumps to 3.1 per cent Canwest News Service Published: 1 hour ago OTTAWA - The annual rate of inflation in Canada jumped to 3.1 per cent in June, the biggest rise in almost three year years, fuelled by soaring gasoline prices, Statistics Canada said Wednesday. Most economists had expected an overall inflation rate last month of 2.9 per cent from a year early, compared with a year-on-year increase of 2.2 per cent in May. "Gasoline prices increased 26.9 per cent between June 2007 and June 2008, significantly higher than the 15 per cent advance posted in May," the federal agency said. "June's increase was the largest since the 34.7 per cent gain reported for September 2005, when hurricanes Katrina and Rita disrupted the oil market," it said. "June's increase reflected both recent increases in pump prices, as well as the fact that gasoline prices had been on the decline in June 2007." On a monthly basis, inflation rose 0.7 per cent in June from May. "In addition to gasoline prices, mortgage interest cost, bakery products and air transportation also exerted strong upward pressure on the consumer price index in June," Statistics Canada said. Prince Edward Island and Alberta posted the biggest gains in consumer prices, rises 4.7 per cent and 4.4 per cent, respectively. Meanwhile, the core rate - which strips out volatile items, such as energy and food, and is used by the Bank of Canada to gauge inflation - rose by 1.5 per cent in June, the same rate as the previous month. On Tuesday, Statistics Canada reported that retail sales rose by a less than expected 0.4 per cent in May, with virtually all of the increase due to higher prices, especially for gasoline. However, Canadian consumers - thanks to the strong Canadian dollar - have not been as hard hit by rising prices for food and fuel. As well, pump prices have fluctuated over the past few months from the $1.20 range upwards to nearly $1.50 a litre, driving down consumption. The Bank of Canada's target for inflation is between one and three per cent, although it expects the rate to peak at 4.3 per cent early in 2009. The central bank has held its key lending rate steady at three per cent for the past two months after a series of reductions in an effort to spur spending amid an economic slowdown. However, the bank has signalled it is now balancing the need to encourage growth without fuelling inflation. "The sting of the steep pick-up in headline inflation is lessened by the fact that the Bank of Canada was already so public in calling for an eventual peak of more than four per cent by the turn of the year," said BMO Capital Markets economist Douglas Porter. "A further correction in energy prices (on top of the $20 drop in crude oil in the past two weeks) would go a long way to further dampening concerns about lofty headline inflation readings," he said. "With core holding steady at 1.5 per cent in June, right around where the bank looks for it to average in Q3, there's really not much to chew on here from a monetary policy stance." The Canadian dollar trading around 99 cents US following the inflation report, little changed from its Tuesday close of 99.16 cents US. Percentage change (May to June / June 2007 to June 2008): All-items +0.7 / +3.1 Food +1 / +2.8 Shelter +0.6 /+4.7 Household operations and furnishings 0.0 / +1.3 Clothing and footwear -0.5 / -0.6 Transportation +1.8 / +5.5 Health and personal care +0.1 / +0.7 Recreation, education and reading 0.0 / +0.4 Alcoholic beverages and tobacco products +0.2 / +1.6 Goods +1.1 / +2.5 Services +0.3 / +3.7 All-items excluding food and energy 0.0 / +1.2 Energy +4.4 / +18 Source: Statistics Canada Percentage change (May to June / June 2007 to June 2008): Newfoundland and Labrador +0.8 / +3.1 Prince Edward Island +0.5 / +4.7 Nova Scotia +0.6 / +4.2 New Brunswick +0.5 / +2.1 Quebec +0.4 / +3.1 Ontario +0.5 / +2.8 Manitoba +0.8 / +2.4 Saskatchewan +0.7 / +3.4 Alberta +1.5 / +4.4 British Columbia +0.7 / +3 Whitehorse +0.9 / +4.5 Yellowknife +0.8 / +4.5 Iqaluit +0.6 / +2.3 Source: Statistics Canada http://www.canada.com/montrealgazette/news/business/story.html?id=8187d0e4-0761-4d7e-a550-ad9f55369ca1
  18. From what I heard from my father, I can only have 40% of my portfolio in other markets. So what companies should I look for here in Canada? Only one I can think of is Bank of Montreal. I would put some in Bombardier but it will never go up, plus I am iffy on Bell and Rogers.
  19. Caisse-led bailout met with cautious optimism Central bank and Finance Minister welcome Montreal proposal TARA PERKINS and JOHN PARTRIDGE AND HEATHER SCOFFIELD August 17, 2007 Already coined the "Montreal proposal," the Caisse-led plan to bail out a battered $40-billion portion of the commercial paper market is not a sure-fire solution yet. Jerry Marriott, managing director of asset-backed securities at DBRS Ltd., was blunt when asked whether the proposal is a complete answer to the crisis in the third-party asset-backed commercial paper (ABCP) sector. "We don't know," he said in an interview yesterday. Many details of the rescue package still have to be worked out, and it needs more support. But the participants believe they have bought some time and a final deal is in the cards. The agreement was brokered yesterday by the Caisse de dépôt et placement du Québec during a series of meetings in Montreal. The other nine signatories range from heavyweight global banks such as Deutsche Bank AG and HSBC Holdings PLC to Canadian players such as National Bank. DBRS, the sole debt-rating agency to rate these securities in Canada, was present for the meetings but says it was not an active participant in devising the plan. DBRS has been taking some heat for its role in building up the sector. Key elements of the plan are to convert short-term debt into longer-term instruments, while also slapping a temporary moratorium on both investors trying to get their money out of the trusts and on issuers seeking financial injections from their lenders to keep the paper afloat. The third-party ABCP market - the portion of the ABCP market not administered by the banks - has been hammered by a sudden exodus of investors and a refusal by many banks and other lenders to honour agreements to provide backup liquidity. The Bank of Canada and Finance Minister Jim Flaherty put out statements yesterday welcoming the Montreal proposal. The plan to pursue an orderly restructuring of the Canadian ABCP market "provides an opportunity for parties to work through the many complex issues related to the market," the central bank said. It also welcomed confirmation from Canada's big banks that they will support their own bank-sponsored ABCP programs. The third-party segment accounts for about one-third of the total ABCP market, while the other two-thirds is dominated by bank-sponsored trusts. "Together, these initiatives should help support the functioning of financial markets in Canada," the central bank said. But sources suggested that the central bank and Finance Department were unimpressed that Canada's big banks weren't further involved in the initiatives to bail out the non-bank ABCP market. An escalating crisis would likely have led to a forced liquidation of the assets in these trusts - a situation that could spread trouble into the broader economy. Mr. Flaherty said in a press release that it's "in the best interest of all involved that sponsors, liquidity providers (including large international banks) and investors (including large pension funds) engage constructively to pursue orderly market solutions to this liquidity situation." He added that one of the attractive features of the proposal is that it "provides time for full information and analysis of these securities." The creation of the long-term notes, which might carry maturities as long as 10 years, is expected to reduce the amount of liquidity risk in the ABCP market, Huston Loke, head of global structured finance at DBRS, said yesterday. Dealers that are part of the consortium have indicated that they would assist in making a market for these notes, "so should implementation of the proposal be successful, it is likely that investors looking to liquidate could do so at a time of their choosing, reducing the likelihood of selling at distressed prices or into a highly volatile credit environment," he said.
  20. New York City fears return to 1970s Tue Jan 27, 2009 By Joan Gralla http://www.reuters.com/article/newsO...50Q6IH20090127
  21. La première banque allemande ne fait pas exception dans le secteur bancaire, prévoyant une perte importante pour l'année 2008. Pour en lire plus...
  22. Source: Bloomberg Quebec’s unemployment rate fell to the lowest on record last month while Alberta’s surged to a two-decade high, underlining the the swing in Canada’s economic momentum through the recovery from an energy crash. Joblessness in the mostly French-speaking province fell to 6.2 percent in November from 6.8 percent in October, and in Alberta it climbed to 9 percent. The national jobless rate declined to 6.8 percent from 7 percent, Statistics Canada said Friday from Ottawa. “I’m stunned -- it’s a banner year” for Quebec, said Sebastien Lavoie, assistant chief economist at Laurentian Bank Securities in Montreal. He linked good times to a construction boom in his hometown, a low dollar boosting service industries and business confidence aided by provincial government budget surpluses. The movement of jobs from the western oil patch to central Canada’s service and factory hubs meshed with Bank of Canada Governor Stephen Poloz’s view that non-energy companies will help the world’s 10th largest economy recover over the next few years. Poloz said this week he would only cut his 0.5 percent benchmark interest rate if there was another shock like the oil crash. His next rate decision is Wednesday. “Quebec is within a whisker of posting the lowest unemployment rate in the country, something that we haven’t seen in the 40 years of available data,” said Doug Porter, chief economist at BMO Capital Markets in Toronto. The job report “strengthens the view that the Bank of Canada will be perfectly happy staying on the sidelines.” Quebec is tied more to manufacturers like Canam Group Inc. and Montreal-based software makers, who benefit from Canada’s weaker dollar and a growing U.S. economy. South of the border, payrolls increased by 178,000 jobs, the Labor Department said, bringing the unemployment rate down to a nine-year low of 4.6 percent. The province added 8,500 jobs in November and over the past 12 months the number of unemployed people has dropped by 17 percent. It wasn’t all good news: part of the reason the jobless rate fell was 20,300 dropped out of the labor force, the most since since December 2014. Lavoie at Laurentian Bank said it would be “extremely surprising” for Quebec to make further major gains in the job market over the next year. The figures have yet to reflect some announced cutbacks at Bombardier Inc. that haven’t happened yet, and the U.S. might be about to get tough on Quebec’s large softwood lumber industry. “There are also growing uncertainties linked to trade,” he said. “There will be duties on lumber, so that’s not going to help future job creation.” The mixed pattern also showed up in the national figures. Employment climbed by 10,700 in November as 27,600 left the labor force. Economists surveyed by Bloomberg News projected the jobless rate would be unchanged and employment would decline by 15,000.