Listening to economists and politicians talking these days can leave your head spinning with mixed messages, the loudest of which is the one that says Canada’s economy is in a strong recovery.
The Globe and Mail has more on that with this story.
At the same time, the overheated housing market, particularly in large urban centres such as Toronto and Vancouver, have the Bank of Canada concerned, according to this story from CBC.
Are those major cities sitting on a housing bubble with the price of average detached homes over $1-million and, as pointed out by Finance Minister Bill Morneau and Ontario Premier Katheen Wynne recently, Canada heading into an era when precarious, part-time jobs will be the norm, not the exception.
That begs the question if a person is willing to work three jobs in order to pay for a $1-million home, are there enough jobs out there to accommodate that work ethic? On the other hand, the latest statistics show impressive job growth in Canada, but the wage growth isn’t going along with that, according to this story from the Globe and Mail.
Add to that ballooning credit card and other non-mortgage household debt and the uncertainty of world events such as the outcome of North American Free Trade Agreement renegotiation. You can read more on that in this story from Global News.
So, is the Canadian economy about to hit full speed or are we being duped by a mirage? That’s the question in this week’s GNN Poll.
You can cast your vote below or on the GNN home page and, as always, feel free to add your thoughts in the Comments section below.
Is the overall Canadian economy heading towards boom, bust or stagnation?
- Stagnation (69%)
- Bust (16%)
- Boom (15%)