How is the economy now in Canada with the low price of Oil?
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In Recession!
People are being laid off left right and centre!.
I do not want go into the laundry list as there is enough in the media and also every 3rd person will lose their job if they have a Gross of 50K +.
Even Harper government has postponed it's budget as it waits for a miracle as it is an election year.
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Sunny Leone a true Canadian DESI now back in India !.
Yes that's the new reality.
Oil patch is like a desert now. Layoffs are every days affair. Media isn't reporting the fact. Govt lacks the courage to bring its budget. Stats Canada revised the employment numbers (there's fraud at the Stats Can level, to prevent people from knowing the reality).
And Bank of Canada swipes rates 0.25% low to keep people borrowing more money. Its a recipe for disaster. Canadian dollar sinking almost everyday, & Indian Rupee strengthening against the USD.
India calling for the growth in this century.
Location: God's own country
Posted on: 29-01-15 06:02:48
Very sad to hear that,
India is goign good. Not as good as it was in 2010/2011 but decent.
Still the lower price of crude has not started any new development but the stock market is going like crazy. Almost on target to reach 30,000.
Blue chip companies are doing very well. Almost 50% profit in May 2014 (when modi came) and another 50% profit in this run.
Banks, IT companies, Pharma companies, auto companies are doing well.
Missing you all.
Canada has a sound housing market where as in India, housing market is in a sham.
Murali.
Je Suis India !!!
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I am a Gents and not a Ladies.
Things have been started looking a bit grim. Consider this:
1. Low loonie: Might have some positive impact on Tourism and manufacturing. To be seen. Manufacturing is almost gone from Canadian shores, so it is impossible to bring it back from China. Tourism wise, yes. Americans might be interested to come over. However, with much of the world in the same situation as Canada, w.r.t. the falling oil and their respective local currencies, not much could be taken from there.
2. Oil down: Companies started laying off. Situation in Alberta is looking really bad.
3. Interest rates are down, with the possibility of more downward trend: Good for housing, bad for your savings and pockets.
My advise would be to stick to your jobs. Not a good idea to switch right now.
Also, go for the variable mortgage. Not a good time for the fixed one. Will save you a good chunk.
Quote:
Originally posted by tamilkuravan
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Canada has a sound housing market where as in India, housing market is in a sham.
Murali.
Je Suis India !!!
Housing market in smaller cities in India is not bad. Only the Metros & certain Tier - 2 cities its bad.
But most Tier-2 cities & Tier-3 cities in India , the housing is really good & affordable.
The nexus between the Government , Builders & Hooligans/Gundas is the problem.
The Gov. ( Politicians ) take money/flats ( corruption ), from the builder's to give the land of the people , building permits for throw away price.
The builder then builds shoddy cheap construction material houses/buildings on this land. There are lot of delays & increase in cost , while they are building. The common man , who buys the flats can't do much as the builder lobby is strong , and the police & courts are on their side. Plus the final product is nothing like promised , the amenities are lacking.
The hooligans/Gundas are used by the builders to evict/beat up/kill any people from the land or anyone else who complains or protest's too much.
Lot of black money in the unregulated real estate in India.
Politicians --- Builders --- Land Mafia , its a golden triangle in India , this nexus is looting/intimidating the common man , left - right & centre.
Quote:
Originally posted by adamthorat
But most Tier-2 cities & Tier-3 cities in India , the housing is really good & affordable.
Agree! But, the quality of employment is not that great and promising in second/third rung cities that makes the housing a bit un-affordable over there as well. Unless one owns a flourishing business or holds a Govt. job, eventually these educated folks have to flock to the Metro cities. Even, the number of big/MNCs are low in these small cities that induce the competition among the locals. Wonder, why Metro's population has been ever increasing?
A friend of mine from Ambala city (in close proximity to Chandigarh) has been living in Delhi for the past 15 years. Even though, many MNCs (Infy, Microsoft, IBM, etc.) opened their shop in Chandigarh; and he owns a mortgage free bigger/beautiful independent house there, he still doesn't want to move out from Delhi citing uglier competition and lack of jobs.
So, it's not that black and white. Housing is cheaper than Metros but not always affordable.
More bad news. CIBC and Tim announced layoffs. Dollar has slided further down, and there are more Bank interest rate cuts in the offing. Hope the lower dollar shall impact Exports favorably. Manufacturing is out of question, as I mentioned earlier as well.
Again, stick to your jobs until they kick you out.
