The following excerpt from the CBC website today is the same news we have been hearing for nearly four years now:
“Canada's outlook is a bit bleaker in part because consumers are trying to pare down their debt loads," TD said Tuesday. (Canadian Press)
The Canadian economy is stuck in neutral, dragged down by debt-laden households and deficit-fighting governments, Toronto-Dominion Bank said in its quarterly forecast released today.
"Canada’s economy is stuck in a soft patch," the bank's economics team said. "Fatigued households and debt-laden governments have recently been shifting their attention to restraint. Meanwhile, a weak global environment and an elevated exchange rate are weighing on the export sector."
They're all adding up to keeping Canada's economy in a funk, with growth below two per cent and unemployment above seven per cent for the next while," the bank says.
You have to wonder why this isn’t old news. It is often the regurgitated news that keeps an economy pinned down. A rising tide floats all ships and currently Northern BC and the Okanagan are leading the charge on ignoring the tiring negative headlines and bucking the trend.
With growth raising it’s head in the Okanagan as inventory levels deplete and absorption rates increase slightly, we have reason to be optimistic, not pessimistic.
I have said this before, and I will re-state what to me appears to be obvious. A day-trading mentality is eroding our chances for a smooth orchestrated recovery from a challenging economy. As soon as we round a corner in the road showing signs of hope, someone is looking for the fast exit. An attitude of immediate gratification erodes our ability to keep working hard to recover. A blip on the economic landscape and gas prices rise to never before seen levels while oil prices have remained largely stable or even retreated... confused? I am. Price increases rationalised by rumours should not be tolerated, yet are often driven by monopolistic industries that control our spending habits.
There is, however, good news around the corner. The Western Provinces are poised to do well over the next few years, natural gas prices may be giving BC a hard time today but they will cycle back. Alberta has seen consistent growth and an increase in confidence this year and we have seen the results of that in the number of Buyers coming from Alberta.
As I have repeatedly said over the past four years, there is no quick answer but there is a light at the end of the tunnel. I am excited to live in such a beautiful part of the world.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
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