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Originally Posted by Jim
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Originally Posted by IronFist
We didn't get hit by the financial mess like most of the world has, our banking system is different. It was called socialist because it had safeguards  . But if you folks aren't buying our meat and lumber, and our oil sands cost more than a 63$ barrel to extract, well it's only a matter of time till we decline as well. Our housing prices haven't dropped much, but they haven't gone up much either. I hope you new Prez does GREAT, but the cards are stacked against him. Chances are that the financial crisis is far worse than anyone has let on so far. There is always the 1% chance that everyone gets behind him and bunch of work gets done. Hope is the American way isn't it. Hope for a better tomorrow?  |
Well I think we have, just not as much... Yet... However, our dollar that was recently on par with the US dollar, and even over it, has dropped and was down to about 79 cents US, not sure the current value. It seems a lot of industries are slowing down... Trucking locally seems slow, I hear construction is down. Lot's of condo projects going broke. I don't know what things are like in Ontario, but in BC, the last few years there has been STEEP rise in housing prices, it has pretty much stopped now, and listings are waaaayyy up... I think it is ready to pop. Just my $0.02 |
Thats what I mean Jim. We weren't hit by the bad debt, but as the tide of the world falls so does our commodities. Zinc copper, nickle, oil sands, trees, moly, all of it dives cause no one is buying. Thus we fall too, but I don't think as far, or as fast, or as long. Ontario is now a have not province and will start getting cheques from your province next year, if you can believe it. Our manufacturing used to pay for canada 20 years ago.
. Our housing is stagnate, but not falling. A lot has to do with location. I'm living 150 yard from lake Ontario, so the wife picked a good spot. Next year the out lying areas might fall a bit, but we weren't as over inflated as Van.
"These are my opinions and take them how you will as I'm just a hillbilly that has no education" --Alaskan-Dad
I do not think that way at all, Dad. Your post is clear, concise, truthfull and well layed out. One other thing might be added to your list. The dream of everyone owning their own home. Some people can't afford it. Our banks will not give loans to people who don't qualify. If you can't put 20% of the price down in cash you need secondary morgage insurance here in Canada. Thats why our banks were called socialist and draconian. I guess the people who can afford 20% down on a house don't default as much. Still, if you can't prove that you can afford the payments,(long term) you don't get a house loan here. I thought it was a great post, Dad.