Last night I was watching George Stroumboulopoulos's "The Hour" with guest speaker Sherry Cooper, who is one of Canada's Top Economists. She is the chief economist for BMO capital markets, and has been widely published as well.
I found it quite interesting to hear her views on the Canadian market, the US market, US recession and our ties to each other. The general overview of her interview is that the US is in recession, and hasn't seen the worse yet. Unfortunately, we are tied to the US markets who are just at the beginning of the negative cycle. Brought on by the aggressive and questionable sub-prime lending, the US economy is headed south and we will be affected.
Sherry Cooper did however distinguish and highlight that although we will be affected, she states: "not our housing market". She goes on to state that our housing market "is very stable", partly due to our basically non-existent sub-prime lending. She foresees that Canadian economic growth may slow due to the US recession, but seems very positive about our housing market.
So, whether influenced by my profession or straight advice from a Top Economist, the message seems to be to get your money out of the volatility of other investments and markets, and secure some safety and growth in the Canadian real estate market.
See video segment @ http://www.cbc.ca/thehour/video.php?id=1959
Enjoy.
Gavin Chen, Broker
Coldwell Banker Terrequity Realty
D:416-495-2753
www.gavinchen.ca
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