Garry Marr writes about the situation in Alberta over in the Financial Post. The drop in oil prices has hit their economy first and hardest with sales down by 30-40% over a year ago and growing listings.
So how do you prepare for a surprise economic hit like that?
Simple. Save up to cover for job loss, keep your debts and bills manageable and don’t get into a situation where you have to sell when everyone else is selling.
Unfortunately Canadians aren’t doing so well on the debt front:
Debt reached an all-time high in the fourth quarter, relative to income. Statistics Canada says the debt to disposable household income ratio is 163.3%, much of it attributable to housing costs.
Read the full article here.