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Will let you beg for food
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793 Posts
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http://www.reportonbusiness.com/servlet/story/RTGAM.20081023.wboc1023/BNStory/Business/home

HEATHER SCOFFIELD

Globe and Mail Update

October 23, 2008 at 8:13 PM EDT

OTTAWA — Canada's economy is within spitting distance of a recession, with every single engine of activity either sputtering or stalling out completely, the Bank of Canada says.

The country is contracting right now, will not show any growth at the beginning of 2009, and recovery won't begin until late next year, the central bank said in its quarterly update, released Thursday.

But even that grim forecast is laden with so many caveats that the central bank doesn't place much faith in it, warning that the dynamics of the financial crisis and global economy are changing so quickly that there are “significant risks to the projection.”

click the link to read more

AND

today Ontario announced it is basically broke and huge amounts in debt. This is a concern because we have the bulk of the population in this provience. Factories are closing and laying off 300+ people at a time and it is quite expense to live here compared to other places.

Yup got my hip waders on because I figure I will be starting the new year knee deep in it...sigh
 

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Prophet
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1,270 Posts
In some ways, economic downturn in BC pleases me. I think the over inflated RE market needs a reset. Employers continue to pay nothing, and expect everything in return. :mad: Here in the Okanagan most just cant afford even a small condo anymore without a huge mortgage. Sales here are down almost 50%.
I for one, refuse to buy until i find a reasonable price for a home.
I saw on globalBC tonight they expect prices to fall over 28% over the next 3 years. http://www.globaltv.com/globaltv/bc/index.html

The great thing is that i saw this coming in the spring, and sold my overinflated condo in vancouver BEFORE the crash. With a half decent bank account, this puts me in a great place to buy a half decent piece of land to live on, and get prepped. A lower mortgage, means more money for preps! :thumb:

It has been hard to be patient, but i think it has only begun to pay off.:D:

peace all

al
 
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