Younglai’s comment on weak wage growth gains force if one calculates wages in 2002 constant dollars using the Canadian CPI as the deflator. Annual real wage growth for July 2017 was just 0.2%, and real wages are actually 0.3% lower than in November 2015, the month the Liberals took office. (The July CPI estimate was projected using the BoC July MPR forecast for 2017Q3 inflation rate.) Unless real wage growth picks up it is hard to see how the recent strong growth rates in real GDP can be sustained.