How is the economy now in Canada with the low price of Oil?
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Posted on: 15-01-15 09:22:52
Quote:
Originally posted by tamilkuravan
I had a chance to read some more documents after I posted the OP.
Bank of Canada has said that budget surplus (for this year) will be fully wiped out and that it may not be able to balance the books that it said that it promised to do in 2015.
Don't know your source but read it out to know the fact.
http://www.ctvnews.ca/canada/government-on-track-to-balance-budget-despite-low-oil-prices-oliver-1.2189062
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A Delhite in Toronto
Quote:
Originally posted by Delhite
http://www.ctvnews.ca/canada/government-on-track-to-balance-budget-despite-low-oil-prices-oliver-1.2189062
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Wow, that was well said by a Nova Scotian/Parent. Watch the news and some where in the middle of the discussion Shay Purdy says "Don't let your Mouth write your checques the Butt Can't Cash" !! That was a joke that I can repeat over and over again.
I enjoyed the whole newscast. Thanks for the link. No one could have said it any better. And I want to watch and see how it all plays out till the end, the election and all and the Next Government that will get in. Who knows!! they might cancel all of the War planes and make 30 Billion with a big "B" bucks. And did we know that the Conservative Government spends a Billion Bucks in revenues for Advertising??
Well, we all will know more when the whole thing comes in the Duffy Wash.!!
FH.
Canadian Economy is based on several blanced pillars:
1) Manufacturing: Primarily Ontario and Quebec
2) Oil: Alberts etc.
3) Services: Big cities
4) Natural Resources: all across the country
So we have a good balance.. In this case if oil cost falls, alberta suffers. This also causes $ to fall making maufacturing more attractive and balance out the economy.
Canadian economy was always a stready economy with minor ups and down and no sudden jumps or falls and will continue to be so..
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Live and Let Live
Quote:
Originally posted by chittesh
Canadian Economy is based on several blanced pillars:
1) Manufacturing: Primarily Ontario and Quebec
2) Oil: Alberts etc.
3) Services: Big cities
4) Natural Resources: all across the country
So we have a good balance.. In this case if oil cost falls, alberta suffers. This also causes $ to fall making maufacturing more attractive and balance out the economy.
Canadian economy was always a stready economy with minor ups and down and no sudden jumps or falls and will continue to be so..
+1, you worded it better than similar thoughts in my mind. Its not a single factor economy .
As expected, Bank of Canada lowered the interest rate to 0.75%. Good news for the ones with variable mortgages.
http://www.bankofcanada.ca/2015/01/fad-press-release-2015-01-21/
Would be interesting to know how it will impact housing demand. I think, if this whole outlook will result into declining jobs, it will have a bad impact on the Housing sector. Lower house prices? Not so sure, and I don't think so.
Bank of Canada panicked too soon, or is the situation worst enough to have a rate cut. Either way this signals a serious economic weakness.
I think they took proactive step than being reactionary after a few months down the line. This was actually given since the price or oil was plummeting and oil-gas job losses. Was just a matter of time.
I am happy for my mortgage though. But, no so for my savings - rate cut means less interest and deflated currency.
CAD is down to 81 cents as well. Go figure.
It's 2008 deja vu all over again.
