Canada Out of the Recession

I think we have all seen evidence of this, but economists are saying that we are officially out of the recession. The sign of a recession is 3 out of the 4 quarters in a decline. We are now in our third quarter of increase in a row which means that it is pretty safe to say the recession of 2009 is over. Economists are predicting a 2.6% growth in 2010 and Canada’s confidence is the highest it has been since 2007. Overall, the average price of homes across Canada is estimated to see an increase of 2.1% in 2010 which is a great prediction.

Canada’s recession is over and the country will lead all G-7 peers in economic growth next year, paced by Alberta’s strong energy sector, said Benjamin Tal, senior economist with CIBC World Markets Inc.

Canada can expect to see two per cent economic growth in 2010 and 3.8 per cent in 2011 with Alberta’s economy growing by 2.5 per cent next year followed by four per cent growth in 2011, he said.

“We had a terrible recession. A year ago people thought it’s the end of the world. . . . There’s no question about the fact that, a year ago, comparing the situation to 1929 and the Great Depression was not only wrong, but also irresponsible,” said Tal, who was in Calgary Friday speaking at the Alberta Mortgage Brokers Association’s annual conference.

“Clearly it was a severe financial crisis, but it was not 1929. I think that’s very important to remember. This recession came to an end relatively quickly in Canada largely because of the fact this was not a made-in-Canada recession. This was a made-in-the-U. S. recession.”

So on that note, now is the best time for buyers to start buying houses for sale in Saskatoon before the prices go back up! Contact your Saskatoon realtor or if you don’t have a real estate agent in Saskatoon contact Kari Calder with Century 21 in Saskatoon.

 Kari Calder

Saskatoon Real Estate Specialist

Century 21 Conexus Realty Ltd. Saskatoon
 

This entry was posted on 31. October 2009 at 17:07 and is filed under International Real Estate, Canda Real Estate News, Canada Real Estate, Saskatchewan, Saskatchewan Real Estate, Current Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.