As is the case with the start of a new year, I have seen lots of predictions for 2024, from soft landings to no landings, rate hikes to rate cuts, and everything in between. As I always say, predictions are a crap business which is why I never make them. I do however think there are some areas worth keeping an eye on as the year progresses.

Alright, ladies and gents, cue the confetti and those infamous New Year's resolutions! It's that time of year when we dust off our dreams, slap some glitter on our goals, and vow to be the best versions of ourselves.

In a world where expenses seem to sprout like weeds, finding ways to save money can feel like a treasure hunt. Especially, now that the holidays are over and the aftermath of our holiday shopping will soon be evident on our credit card statements. The good news? You don't need a pirate's map or a hidden chest. Sometimes, the path to saving starts right in your daily routine. Here are 10 things you can cut out of your day to rescue your budget:

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.

Based on the technical definition (i.e. "sustained period of weak or negative growth in real GDP (output) that is accompanied by a significant rise in the unemployment rate."), it would appear so. So what does this mean for rates, real estate and the economy?

A quick recap...