Posted by genieSABRE on Sep 25, 2011
Is it’s official? – Is Canada’s heading into a recession!

Is it’s official? – Is Canada’s heading into a recession!

Canada vulnerable to global downturn!

Source: Hannif Highclass
Publish:MY BLOG – Toronto Real Estate : Sep 25, 2011

OTTAWA — The Canadian economy’s export-driven base is “very vulnerable” to the global economic slowdown, says Prime Minister Stephen Harper.

In an interview broadcast Sunday on U.S. business TV network CNBC, Mr. Harper offered a frank assessment of how Canada could feel the whiplash of economic problems elsewhere in the world.

“We can’t expect to be on a completely different track than the rest of the world,” Mr. Harper said in the interview recorded while he was in New York last week.

“If the global economy slows, the Canadian economy is going to slow.”

Moreover, he said his government is taking action to get the economic fundamentals in place: Low taxes, regulatory “certainty”, balanced budgets, and diversified international trade.

“The big challenge for us is our export market,” he said. “That’s where the global recession affected us, that’s where the global slowdown is affecting us again.”

“We know what the problem is right now. There are literally trillions of dollars sitting on the sidelines throughout the western world and we’ve got to find ways, you know, in other economies to restore confidence and get that money back into the economy.”
Full Article: Mark Kennedy Postmedia News

What will trigger the Recession in Canada? –

Today, about 75% of Canada’s exports find their way to the U.S. market. When times are good and American consumers feel confident regarding their economic future, Canada enjoys a trade surplus that prior to the last recession averaged more than $70 billion a year. In 2009 and 2010 the surplus declined sharply to $20 billion a year. Should the U.S. economy tip back into recession and force consumers to cut back even further on their spending, this will certainly impact Canadian export sales.

It may even push Canada’s economy to recession.

What happens during recession? READ!


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Already the Bank of Canada has noted that Canadian growth is likely to ease in the final two quarters of the year and all talk of an interest rate hike appears to now be a thing of the past.!
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One Response to “Is it’s official? – Is Canada’s heading into a recession!”

  1. Kyle says:

    I am the Broker/Owner of Accepted Realty in Wayne Michigan. I have been working with iroestvns for the last six years in this market. We have seen the prices in Detroit come down to where they are less than a used car. There are two things that you really need to look out for. First the property taxes. They are high, but some are higher than others. Second is the neighborhoods. In Detroit one street may be fine, but the next has several burned out or boarded up properties. I also help my clients to get there properties fixed and rented out. We have many people from states all over the country coming to us to purchase not only in Detroit, but surrounding areas as well. You are really right on with this one. Thanks for mentioning us!

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