OECD: Canada in recession
According to the Organization for Economic Cooperation and Development, Canada is in a recession and heading for a deficit. And who’s to blame? Ontario and BC.
Across Canada EI claims actually dropped month over month, except for in Ontario and BC where they surged 14% over the year in Ontario and 11.5% in BC. Ontario has the auto manufacturing sector to blame for the downturn, while here at home we’re seeing an alarming decline in forestry revenues not to mention the sharp downturn in the housing market where prospects are looking more grim with each passing month, particularly when it comes to downtown Vancouver condos.
Meanwhile in the financial sector Canadian banks have started asking Ottawa for a major cash injection to help stem a rising tide of bad loans. BMO figures show bad loans have already exceeded the peak reached in 2001 after the dot com crash, and are well on their way to levels seen in the last recession almost 20 years ago.
The bright side? If you’re looking for temporary office space to sublease in Vancouver, it looks like you have lots of options right now.
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November 29th, 2008 at 12:09 pm
My friend bought a pre-sale condo in Penticton two years ago for $500K including GST. The deal is completing and it was appraised at $360K only. My friend has to finance at 95% and paying CMHC 7.25% over total mortgage amount (about $25K). He also has to come up with extra $130K ($25K CMHC could be added to mortgage) to finish the deal, which he doesn’t have. He is totally screwed. Any one here lives in Penticton please check the development. I assume many speculators don’t have the extra money needed to close the deal. What will happen to them?
November 28th, 2008 at 5:18 pm
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November 28th, 2008 at 9:16 am
“I get the feeling you weren’t around during the late 60’s and 70’s – Vietnam War, FLQ, stagflation, wage and price controls, oil embargo, Watergate, Iran hostage crisis, etc.”
No I wasn’t. I also wasn’t around for the great depression and WWII.
November 28th, 2008 at 6:57 am
“I get the feeling you weren’t around during the late 60’s and 70’s”
Difference is those weren’t global bad times. This does look like the first global bad time since the 1930s.
“Since the end of the early 80’s recession we have been spoiled. Well things get wonky every generation or so. But I don’t think we’re headed for Mad Max.”
Wee-eeelllll … you might want to not completely dismiss that possibility.
If global credit markets don’t get sorted out within three months, the commercial farm sector is going to have a hard time getting crops in this spring.
And the one really big difference from 1929 that most people are missing is that back then before mass transportation and refrigeration, virtually all food was produced within a day or two’s horsecart journey to the city. That is most definitely not the case now.
So you really shouldn’t be completely writing off the possibility of food riots coming down the pipe. You *definitely* should not write off the probability they’ll be avoided by insanely hyperinflationary policies and the consequent nationalization and wage and price controls that will make our economy all but indistinguishable from Soviet Russia in shortish order.
November 27th, 2008 at 10:46 pm
Realtors commissions are negotiable, and whether their clients are purchasers or sellers.
The client of a commissioned salesperson is the seller, only. A sales commission is an incentive to sell for the highest possible price. You cannot be an agent of the buyer if you are incented to act against the buyer’s interests.
and in all probablity, some kind of war scenario.
Canada is already in a war scenario. If you’re talking about a war between major powers, it’s not going to happen, for the same reason it hasn’t happened since 1945.
Even the US has decided that it has had enough of the war in Iraq, and people in authority have been saying that the conflict in Afghanistan cannot be settled by military force.
November 27th, 2008 at 9:38 pm
vanguy Says:
November 27th, 2008 at 5:07 pm
I guess i’m the rare bear who is excited about the Olympics.
Yeah, and you’re going to get even rarer. A little more than a year from now we (globally) will be in the depths of a depression – and in all probablity, some kind of war scenario.
Yet, there are many Vancouverites that think the entire world will be focused on our 2 week sporting event. And we will be famous forever.
I knew this would end badly.
November 27th, 2008 at 8:19 pm
Oh yes, speaking of 2010. I heard some Whistler hotel spokesthingy say they are going to reduce accommodations costs for 2010 tourists, to ensure they still visit. So much for greedy homoaners who planned to rent closets for a thousand a night. I can’t wait to see the disappointment :O)
November 27th, 2008 at 7:57 pm
hey, who registered my name????? oh well. maybe i’ll just pick another name. if you want your name, i guess you’d all better register…