Expert Real Estate Insights & Market Trends

-Durham Region-

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2023-12-12 2023-12-12

The Latest on the CDN Economy & Why It's Circling the Drain

A quick recap

Inflation is slowing, demand continues to weaken, households have stopped borrowing money (the real estate industry has ground to a stand still in some markets) and as a result, the economy appears to be circling the drain. GDP fell well below the Bank of Canada's expectations and while economists argue whether we have "officially" entered a recession, real GDP has fallen for five straight quarters - not good.

I don't know many Canadians who haven't felt the sting of the post pandemic monetary measures to reign in inflation. Debts are rising as people do their best to just get through the worst of it. Consumer credit in Canada has slowed to its weakest pace in 30 years!! When that figure is adjusted for inflation, we haven't experienced a decline like this since the great recession of the 1990s.