Silver Lining to Economic Downturn
Our governments don’t seem to have a plan, nor have we even had the chance to hear from our federal politicians since early-December when the Prime Minister asked for a proroguement of Parliament in order to buy his government time in the face of being overtaken by a coalition government. In other words, things are a complete mess. We’re told that every time we turn on a television, open a newspaper or listen to the radio. But us Canadians, for the most part, can always find the silver lining. What would that be? Well, we’re not the United States of America for one. We aren’t in full-blown recession, despite some saying we’re on the brink. We don’t have a skyrocketing unemployment rate (although it continues to climb in some parts of the country). We don’t have families foreclosing their homes at an alarming rate, destroying the one industry many thought was infallible – big banks. In fact, our banks are doing OK, although they’re being a bit more careful when distributing loans these days, which means they’ve learned from the mistakes of their American counterparts, and there’s nothing wrong with that.
In fact, Canada’s real estate market is holding up relatively well, considering the doom and gloom that we’ve been force-fed over the past six months, with some declines in house sales and starts in most parts of the country. People could have freaked out, listed their home for next to nothing just to get out from under what remained on their mortgage and moved into an apartment with cheap rent. But Canadians – for the most part, because there’s always an exception – haven’t flipped out or bought into the hype of “the next Great Depression†and other buzz words designed to make us tune in at 11 for more.
Filed under: Business, Credit, Financial, General, Marketing
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