Canada’s economic outlook downgraded

The OECD has cut Canadian growth forecasts and now predict growth of less than 1 percent for the year:

Canada’s economy will expand by just 0.8 per cent in 2008, down from the 1.2 per cent forecast last spring, the Organization for Economic Cooperation and Development projected in a revised economic outlook Tuesday. That’s also less than the 1.1 per cent now projected by the Finance Department.

The U.S. economy, however, will expand by 1.8 per cent, up from the 1.2 per cent projected in the spring, and the G7 countries will grow on average by 1.4 per cent, unchanged from the spring projection.

The only G7 country that will post weaker growth than Canada is Italy, now projected to expand by 0.1 per cent.

75 Comments
newest
oldest most voted
Inline Feedbacks
View all comments
Clam Chowderhead
Clam Chowderhead
12 years ago

It doesn't take a few weeks if 25% of the company was let go, it would be known across the city in a couple of days if not less. You underestimate how long people would wait until they would start calling old friends that work for other companies asking for a job. That isn't happening.

bdk
bdk
12 years ago

The Polygon rumour came from a reliable source give it a few weeks and we'll see.

krisssh3
krisssh3
12 years ago

BUY YOUR TICKETS/WATCH THE SHOW well all not that bad there are lots of projects,lots of new things bringing new era,like concrete construction with 2/5/10 its like money matter more money more show with millions you can steal the show. Floors choice’s are laminate floor,bamboo laminate floor,hardwood floor,polished concrete floor. Bath rooms Soaker bath tub etc.and proclain tiles. Kitchen stainless steel appliances Exterior expensive glass to maximize and clear views.and awesome envelope’s that’s all money matter A condo unit sold for 7.5 million last year in coal harbour. some condo are being sold for $2k per sqft. best above all affordable was smart living its kind of cheap price and lots to save through life time as this building design to cut maintenance and save lots of utility and save lots and lots all units are facing court yard all… Read more »

DonkeyXote
DonkeyXote
12 years ago

Lol – fair enough Clam. But as construction is as cyclical as forestry, mining, or any industry that is strongly affected by markets, it will turn in the opposite direction in time (months; years; whatever). Probably people here would say that it has already.

Clam Chowderhead
Clam Chowderhead
12 years ago

A gig like mine is hard to get, Grouse mountain already has someone to feed the bears, maybe the Aldergrove zoo is hiring?

Besides I haven't heard that Polygon laid off 25% of it's workers. Pretty sure that's another internet rumour like the one about a month ago stating Concord was in trouble and had stopped work on Coopers Point. Which turned out to be false.

There's enough real news out there for the bears no need to make up stuff.

JB
JB
12 years ago

Scramble for cash as central banks dry up

http://business.timesonline.co.uk/tol/business/in

DonkeyXote
DonkeyXote
12 years ago

Clam Chowderhead/#44

How did you get this job??

I tried to get a gig like yours (applied to a craigslist add – some real estate company looking for a blogger) but no luck with that. Suppose I'll just stick with the construction work for now.

bdk
bdk
12 years ago

So if Polygon laying off "25%" of their staff isn't a sign that the market has tanked then what does it mean?

Reorganization isn't something you hear about when the market is going well plus Polygon has deep pockets.

Bluesman
Bluesman
12 years ago

I don't know what happened to my third post of the day, but what I was saying is that I found the cbc radio news story of the Pender Harbour auction yesterday. It is at

http://www.cbc.ca/earlyedition/

After you see:

Complete shows from the past week (in real audio):

click on Thursday.

It's the first news story. Turns out it wasn't an interview with Rick Cluff after all (sorry Rick if you're reading this). It also turns out the realtor who said we are entering a normal market is Todd Allen.

Cheers to Todd for telling it like it is!
http://www.homesalesvanbc.com/

jesse
jesse
12 years ago

"You do know that Polygon isn’t a construction company, it’s a development company that has a staff of about 20 people right?"

Yes and it sounds like they are doing less with less or the same with less. Not sure which one.

Bluesman
Bluesman
12 years ago

Woohoo! I found the radio interview. Well, actually it seems like it was a news clip, not an interview at all. Apologies to Rick Cluff. I was a bit sleepy when it came on at 5 a.m.

Go to this link and when you see

Complete shows from the past week (in real audio): click on Thursday. It's the first news item.

http://www.cbc.ca/earlyedition/

james
james
12 years ago

The specuvestor/flipper I know is still trying to sell. The realtot claims 3 offers are inbound but it must be a sham of some type. Anyway they plan on buying again right away. I tried to warn this person. I really did.

Bluesman
Bluesman
12 years ago

From yesterday's news on cbc.ca:

http://www.cbc.ca/canada/british-columbia/story/2

"The summer season is traditionally slow, but both Watt and Eviston said August was the slowest month for real estate since 1998."

Bluesman
Bluesman
12 years ago

I heard a cbc radio interview this morning between Rick Cluff and a local realtor who were discussing the auction of ocean view properties at Pender Harbour that took place yesterday. Well, apparently two of the properties went for 2/3 of list price and one went for less than 1/2 of the list price! Rick Cluff was saying this is unreal (I think he mentioned one time that his wife is a realtor in South Surrey).

Well, the realtor being interviewed said this IS the regular market — that the past 5 years have been abnormal. Apparently the developer was just happy to be rid of the properties — hasn't sold anything since March. Wish I could remember the name of the realtor who was interviewed. Did anybody else hear it?

Clam Chowderhead
Clam Chowderhead
12 years ago

You do know that Polygon isn't a construction company, it's a development company that has a staff of about 20 people right?

jesse
jesse
12 years ago

"Polygon isn’t cutting any of there future projects, they have reorganized internally."

To the tune of 25% or whatever it was? Sounds like pretty aggressive productivity improvements to maintain what you are implying is the same level of business as before.

Anonymous
Anonymous
12 years ago

Luma – magic mushroom inspired class of characters in Super Mario Galaxy.

…at least, that's the first thing that I associated with it.

pinocchio123
pinocchio123
12 years ago

Speaking of Luma, there is Luna in Queensborough, Luma in Burnaby (I guess because Luna was already taken…) Bella on Edmonds St… I find all this "italian" naming quite funny, actually.

Soon they will cal them places names like "Antipasto", "Gorgonzola" or "Porca Puttana"

WTF is up with that?

And what is "LUMA" anyway???

Clam Chowderhead
Clam Chowderhead
12 years ago

Polygon isn't cutting any of there future projects, they have reorganized internally.

In fact Luma located in burnaby will be moving ahead very shortly, followed by a couple of new tower in the Tri-city area.

Bosa did just cancel the trinity tower project on the site of St Marys, but that was because of issues with the city of New West not due to market conditions.

Cheers.

jesse
jesse
12 years ago

"Pastrick is a genuine individual. He is far from being a professional corporate flack."

I get that sense as well but I disagree with many of his conclusions. I wonder, should his analysis be proven wrong in due course, will he come clean and admit his mistakes? I genuinely think he will. Hopefully he doesn't pull the old hoocoodanode line because the room is chalked full with 800 pound gorillas.

I would love for Pastrick to start a dialogue on one of these blogs outlining his position on the future of the housing market and have a helthy debate.

Drachen
Drachen
12 years ago

BDK

"canceling"

I'm glad you added that word, I was puzzling over your post and wondering if you were trying to compete with Krrish for the "Least Comprehensible English of the Year" (LCEY or Leaky) award.

bdk
bdk
12 years ago

canceling

bdk
bdk
12 years ago

Did anyone else hear that Polygon is their upcoming projects?

low affordability, job cuts, recession =?

batch is satv
batch is satv
12 years ago

Batch/Bitch =

http://vancouvercondo.info/forum/viewtopic.php?f=

No point calling him an idiot he knows.

Batch #55
Batch #55
12 years ago

One of the adminstrator was Lhao where store volume was down a bit however compare to 2007,Prices are up compare to 1991.Dear sir Tsur Somerville could you please join the blogs and show the bloggers way of thunder.

Brittanny,

Dummers like Strataman has paid almost $144,000 in rent with in 2year 8 months you would be counting in decades to come.