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Mortgage Broker News | 22 Oct 2013, 12:00 AM Agree 0
In its annual Global Wealth Report, Credit Suisse paints a opaque picture of the Canadian financial picture; which it attributes, in large part, to an unclear housing forecast.
  • Paolo Di Petta | | 22 Oct 2013, 12:33 PM Agree 0
    The reason why the future doesn't seem to be clear is because we're likely to see a continued divergence in markets. The markets with resources/jobs will continue to thrive (think, Alberta), whereas the markets that aren't seeing as much employment growth and have a high cost of living (think, GTA/Vancouver) are going to continue to suffer.

    Aggregate country-wide stats become less relevant by the day. Home/Auto insurance don't charge the same rates across the country. Even nationwide retailers have different "pricing zones" that vary from city to city. It's time to look past the housing market and economy as one amorphous blob.

    That being said, the interaction of local and global economies is also important. We can't ignore our neighbours and other trading partners, nor can we ignore the fact that many economies are facing similar issues and potential bubbles.

    This isn't a game of checkers, it's chess, and we need to start looking a few moves ahead. We've been playing without sound strategy for far too long.
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