Look on the bright side…
Canada’s economic outlook downgraded
The OECD has cut Canadian growth forecasts and now predict growth of less than 1 percent for the year:
Canada’s economy will expand by just 0.8 per cent in 2008, down from the 1.2 per cent forecast last spring, the Organization for Economic Cooperation and Development projected in a revised economic outlook Tuesday. That’s also less than the 1.1 per cent now projected by the Finance Department.
The U.S. economy, however, will expand by 1.8 per cent, up from the 1.2 per cent projected in the spring, and the G7 countries will grow on average by 1.4 per cent, unchanged from the spring projection.
The only G7 country that will post weaker growth than Canada is Italy, now projected to expand by 0.1 per cent.
Big drop in Lower Mainland home sales
‘This summer, sales went off a cliff,’ says urban economist
Derrick Penner, Vancouver Sun
The turn of the Lower Mainland real estate market’s cycle has been more dramatic than expected with real estate boards reporting another drop in sales and slide in prices at the end of August.
In Greater Vancouver, August Multiple Listing Service sales were down almost 54 per cent to 1,568 units, compared with 3,348 units in the same month a year ago.
Lower oil, home prices and pressure on retail prices… all the things that may let Vancouver fall back in line with the rest of the country.
Now’s the time to start putting away cash, and this time next year there may be real deals out there.
Good thing the Olympics are almost here to save the day.
