Canadians continue to plow money into the Real Estate market. According to Stats Canada, Gross residential investment surged to an unprecedented $160.2 billion in the third quarter, almost 9% more than the previous quarterly record of $147.5 billion at the end of 2017. Per a recent article from the Financial Post, housing accounted for 37% of overall investment, while business spending on machinery and equipment and intellectual property dropped to 28.2%, the highest and lowest levels, respectively, since early 1993. These figures are symptomatic of an economy on life support, drowning in a sea of debt. Why start a business when you can get rich by purchasing a condo or two? The pandemic has only re-enforced these perceptions. Look around you and businesses are suffering while house prices continue to surge higher. Magical asset inflation is slowly eroding societies confidence in our institutions. While policy makers are avoiding discussing the elephant in the room, a recent interview from former Prime Minister Stephen Harper says it all. In case you missed it, Stephen Harper did an hour long podcast with Cambridge House, a Canadian investment firm. While his comments are nothing new to people paying attention in the finance space, they
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Canadians continue to plow money into the Real Estate market. According to Stats Canada, Gross residential investment surged to an unprecedented $160.2 billion in the third quarter, almost 9% more than the previous quarterly record of $147.5 billion at the end of 2017. Per a recent article from the Financial...
The views expressed are those of the author, Steve Saretsky, an Oakwyn Realty REALTOR®, and do not necessarily reflect those of Oakwyn Realty. It is provided as a general source of information only and should not be considered personal investment advice or a solicitation.