Welcome to a Recession, Canada

[Jack]

-Canada has fallen into a recession that is likely to result in about 100,000 lost jobs over the next few months, according to forecasting firm Global Insight-Managing director Dale Orr says the October-December period will see the economy shrinking by 1.4 per cent on an annualized basis, with a further 1.2 per cent contraction in the first quarter of 2009. Orr says Canada`s economy will record zero growth for the entire 2009.

-Bank of Nova Scotia, Merrill Lynch and Toronto-Dominion Bank say Canada`s economy has crossed the line into recession.

-The Bank of Montreal predicts in a report issued Tuesday that the deepening recession in the United States and slower demand in developing economies such as China, will keep commodity prices subdued at least through next year.

-Oil prices plunged 26.2 per cent in October and are unlikely to recover any time soon. BMO says it expects oil will average about US$70 a barrel in 2009, from this year`s US$102 average.

 

[Thembi]

QUOTE (Jack @ Nov 11 2008, 05:18 PM) -Canada has fallen into a recession that is likely to result in about 100,000 lost jobs over the next few months, according to forecasting firm Global Insight-Managing director Dale Orr says the October-December period will see the economy shrinking by 1.4 per cent on an annualized basis, with a further 1.2 per cent contraction in the first quarter of 2009. Orr says Canada`s economy will record zero growth for the entire 2009.

-Bank of Nova Scotia, Merrill Lynch and Toronto-Dominion Bank say Canada`s economy has crossed the line into recession.

-The Bank of Montreal predicts in a report issued Tuesday that the deepening recession in the United States and slower demand in developing economies such as China, will keep commodity prices subdued at least through next year.

-Oil prices plunged 26.2 per cent in October and are unlikely to recover any time soon. BMO says it expects oil will average about US$70 a barrel in 2009, from this year`s US$102 average.


Good thing i dont buy canadian real estate i buy in a region with strong fundamentals.As Don always says the losers will be generalisers but those who specialise in a specific region and do they due diligence will survive the "news".
70 bucks a barrel,wasnt it lower when al these oil companies were flocking to alberta to come and invest......

 

[Jack]

QUOTE 70 bucks a barrel,wasnt it lower when al these oil companies were flocking to alberta to come and invest......

Yes. I also recall wages being lower, construction costs being lower, etc. What do you think drove the median incomes in Fort Mac to be $125K or whatever? Not tourism!