This should come as a surprise to no one, but this province leads the nation when it comes to concern over personal debt according to an RBC report.
RBC chief economist and senior vice-president Craig Wright said much of the debt concern centres around higher real estate costs. “Historically, if you look at the housing market, it’s always highest [in B.C.] in terms of affordability.”
The survey also notes that B.C. residents have the grimmest assessment of the economy in the country (43 per cent characterized it as good, compared to 48 per cent nationally), something Wright found a bit surprising because RBC expects the 2010 Olympics to boost B.C.’s economy into recovery mode. “It may be that [B.C.] is looking backward instead of forward.
“We expect to see B.C.’s economy grow by a solid 3.3 per cent in 2010 before moving higher to 3.4 per cent in 2011.”
Good solid growth, I’m guessing that’s why they’re sponsoring the games.