Is the economy really slowing down in Canada?

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    Sep 14, 2010 3:50 AM GMT
    In the last week I have had my window installer cancel the installation and an electrician bailed on me just now. Both with less than 24 hrs notice.

    I have yet to have a tradesperson be punctual or even show up at times. I often wonder if these people realize that I have to take time off work and lose salary to accommodate them. The public will always be a the mercy of the trades person while they continue to charge exhorberant prices.

    My arborist recently decided he could charge me $700 instead of the $350 written quote and was shocked when I refused his service.

    Slowing economy..my ass. If they really needed the work they would actually be professional and honour the appointment.

    So any electricians free tomorrow?icon_smile.gif
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    Sep 14, 2010 4:05 AM GMT
    i think my mileage charge alone wud put u out, lol.
  • totorosc

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    Sep 14, 2010 7:31 AM GMT
    Only explanation that I can think of is that they're smoking way too much BC Bud to remember their appointments.
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    Sep 14, 2010 11:00 AM GMT
    OP, welcome to the world of contractors. Their working habits and policies have never, and will never, change. The economy has little to do with their behavior.

    Based on what I'm seeing and reading in the news, the stability of the Canadian economy is only being called into question b/c of what's happening in the U.S. And from what my co's Canadian employees are telling me, the Canadian economy is doing a hell of a lot better than the U.S. economy. For example, Canadian unemployment rates are improving at a much faster rate than in the U.S.

    Can an RJ member from up north respond with authority?

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    Sep 14, 2010 11:26 AM GMT
    In recent years, Canada's economy has been buoyed up by oil production.
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    Sep 14, 2010 11:49 AM GMT
    In recent years, it has not been Oil production that has boosted the economy. It's the banks. None of them got bailed out and in fact through the crisis in the last two years, they have still churned out big profits. Canadian banks are some of the soundest in the world and many countries, including the US, have now turned to Canada to see how the banking system is regulated in order to prevent anoter crisis. Some used to criticize the strict regulations of Canada's financial policies, but it's now shown that it actually saved us from meltdown.

    What caused the meltdown in the states? Botched mortgages. Housing prices tanking and people defaulting on ridiculous terms of mortgages. Having a 400,000 dollar mortgage on a house that during the crisis actually fell to something that was now 3/4 the price is a prime example. Then the rest started spinning out of control. First it was the defaulting, then it was the banks tanking, then it was jobs and more debt woes.

    That didn't happen in Canada. Our recession was due to the global economy. The reason for the slowdown now, is because the stimulus package is nearing it's end. It may be slow for sometime to come as the globe picks up speed and demand for our products pick up. The stimulus did what it was supposed to do. Pulled us out of the recession and helped propel us to one of the strongest rebounding economies in the G8.
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    Sep 14, 2010 6:26 PM GMT
    catlll

    You are right that Canada has shown excellent fiscal responsibility and I was not suggesting oil income was propping up an otherwise poorly economy. Canada's economic stability is, however, in good part attributable to oil income. Canada is the 7th largest oil producer in the world and has the largest oil reserves after Saudi Arabia. That counts for a lot in an oil-hungry world.

    Incidentally, I love Britain, but, given the opportunity, I would move to Canada in a heartbeat.
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    Sep 14, 2010 9:06 PM GMT
    Mil8 saidcatlll

    You are right that Canada has shown excellent fiscal responsibility and I was not suggesting oil income was propping up an otherwise poorly economy. Canada's economic stability is, however, in good part attributable to oil income. Canada is the 7th largest oil producer in the world and has the largest oil reserves after Saudi Arabia. That counts for a lot in an oil-hungry world.

    Incidentally, I love Britain, but, given the opportunity, I would move to Canada in a heartbeat.


    I wonder what figures u use to claim that Canada is propped by oil, I'm hinting at percentage GDP. The risk is well managed here, despite sme currency exposure to change in oil prices.
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    Sep 15, 2010 2:29 PM GMT
    There's a decided blip happening. I think it's likely the introduction of HST in both Ontario and BC that's contributed. Both provinces have big consumer spending that's now taking a horrendous hit, in housing for example.

    GST used to apply to new housing at 5%. Now it's 12%! Those old fixer-uppers are looking mighty appealing to many now (no tax).

    -Doug
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    Sep 15, 2010 2:49 PM GMT
    Mil8 saidIn recent years, Canada's economy has been buoyed up by oil production.


    Not true. It's true for the oil and gas lobby, which likes to use "facts" like this to boost their agendas, but it isn't true in the real world.

    And what about drilling co's in specific regions that manage to get away with not being taxed? Good for the oil and gas folks, but not so much for the country/provinces. I know this is happening less b/c Canada's govt. got wise to the oil and gas ind's lies about how their drilling operations bring so much revenue into specific areas, but it's still happening.
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    Sep 15, 2010 2:54 PM GMT
    catIII saidIn recent years, it has not been Oil production that has boosted the economy. It's the banks. None of them got bailed out and in fact through the crisis in the last two years, they have still churned out big profits. Canadian banks are some of the soundest in the world and many countries, including the US, have now turned to Canada to see how the banking system is regulated in order to prevent anoter crisis. Some used to criticize the strict regulations of Canada's financial policies, but it's now shown that it actually saved us from meltdown.

    What caused the meltdown in the states? Botched mortgages. Housing prices tanking and people defaulting on ridiculous terms of mortgages. Having a 400,000 dollar mortgage on a house that during the crisis actually fell to something that was now 3/4 the price is a prime example. Then the rest started spinning out of control. First it was the defaulting, then it was the banks tanking, then it was jobs and more debt woes.

    That didn't happen in Canada. Our recession was due to the global economy. The reason for the slowdown now, is because the stimulus package is nearing it's end. It may be slow for sometime to come as the globe picks up speed and demand for our products pick up. The stimulus did what it was supposed to do. Pulled us out of the recession and helped propel us to one of the strongest rebounding economies in the G8.


    Yes, the Republicans repealed the Depression era laws that kept our system found for 60 years. A senator from North Dakota (I think) predicted that in ten years there would be a financial crisis. He was spot on!