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Andrew Mckay
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Is The Canadian Recession Over?
Globe and Mail report suggests it may be
I always take any media reports with a huge dose of salt as I find a pinch is not enough. Having indicated that the Western World as we know it was ending over the winter months, there are now reports that the recession may be over.
The Globe and Mail quotes Marco Lettieri, an economist at National Bank Financial in Montreal as saying “We think the second quarter is the end of the Canadian recession.A general recovery is happening in Canada.”
Interestingly finance, insurance and real estate are said to account for about 21 per cent of the country’s GDP.
The media may be exaggerating the situation but the real estate markets in Wasaga Beach and Barrie certainly indicate that buyers are no longer sitting on the fence. If so this must have been one of the shortest recessions ever.
