Canada's economy grew at 3.7% pace in first 3 months of 2017

[Sunlei]

Source: CBCNEWS

Canada's economy expanded at an annual pace of nearly four per cent in the first quarter, more than three times the growth seen in the U.S. in the same period.

According to Statistics Canada, the total value of all goods and services sold in Canada grew in absolute terms by 0.9 per cent from the level seen at the end of 2016. But that's an annualized pace of 3.7 per cent.

"The Canadian economy continues to outperform against relatively modest expectations, but remains far too reliant on the housing sector to power growth," Cambridge Global Payments foreign exchange strategist Karl Schamotta said of the data.

"Canada continues to outperform most of its developed-world counterparts, but things look less cheerful beneath the headlines."


Read more: http://www.cbc.ca/news/business/canada-gdp-1.4139075

[Chipper Chat]

1. Uh oh. Another Trump wall coming.

And a new exec order banning internet imports from Canada.

[SpankMe]

2. Only 3.7%?

If conservatives were running things up there, it would be 6%!!

[Fiendish Thingy]

3. Sadly, that's unlikely to continue

As 20-25% of the economy is dependent on Harper's housing bubble, which is on the verge of collapsing. Toronto is already spiraling down, and Vancouver, where FIRE(finance/insurance/real estate) is close to 40% of provincial GDP, is next.

By comparison, when the US housing market imploded, FIRE was about 8-9% of GDP.

[OnlinePoker]

4. We need that bubble to burst to get back to more affordable housing

Here on the west coast it's crazy. My neighbour just sold half a duplex that he bought for $210,000 9 years ago for $640,000. If we sold our house which was bought in 2003 for $250,000, we could get $750,000 now as a tear down.

[cabot]

5. Agreed

I'm from Vancouver originally but now in Toronto - housing is ridiculous. You cannot get a decent house (that's not a tear down) for under a million. My friends in New West bought their house around the same time you did for around the same price. It has now been appraised at 850K. They're going to sell and move to the interior.

I'm moving to Newfoundland in November...housing is so much cheaper there (and the province is beautiful).

[DK504]

6. Got that right.

In the South, there are 1000 sq. ft houses in flood zones going for 1/3 over the price they should be paying. This is still a holdover from Katrina when every thing shot up by 50%.

I've been looking into land in Canada while it's still somewhat affordable. I shouldn't haven't waited to buy land, I may be unable to at this point. Not quite sure how the locals feel about us ugle Americans coming in and buying a few acres.

[OnlinePoker]

8. It depends on where and what you're planning to do with it.

In BC, for instance, we have what's called the Agricultural Land Reserve, which was designed to protect arable land from development into something other than farmland. The Liberal (in name only) government which has just lost the election seemed to have no issues building a dam to flood or highways to pave over this valuable property, particularly in the lower mainland around Vancouver. The Liberals also allowed a 15% foreign buyers tax on residential property in the lower mainland which didn't include ALR land and the consequence is the price per hectare for this land is shooting up. Also, coming to live in Canada isn't a matter of just buying land and moving here. You need to meet the immigration criteria. Your eligibility can be checked here: http://www.cic.gc.ca/ctc-vac/getting-started.asp

[GreydeeThos]

7. Yeah butt America's defense spending increased by 4%!

Neiner! Neiner! Neiner!

[Tikki]

9. If tourism money is part of Canada's economy then they will be adding more when we.....

vacation in British Columbia this Summer.

We can hardly wait...
The Tikkis