Canada has been facing economic challenges in recent months, with many experts now believing that the country is already in the midst of a recession. This pessimistic outlook was recently echoed by Som Seif, the CEO of Purpose Investments, who warned that Canada’s economy is already in recession territory.
Seif pointed to a number of key indicators that suggest Canada’s economy is in trouble. One major concern is the country’s rising levels of household debt, which have reached record highs in recent years. As consumers struggle to keep up with their debt payments, they are cutting back on spending, which is putting a strain on businesses across the country.
Another worrying sign is Canada’s struggling housing market. Home sales have been declining for several months now, and prices in many cities are starting to fall. This has a ripple effect on the construction industry, which relies on a healthy housing market to stay afloat.
In addition, Canada’s trade relationship with the US is becoming increasingly strained, thanks in large part to President Trump’s protectionist policies. This is putting additional pressure on Canada’s already struggling economy, as businesses grapple with the uncertainty of what the future holds for trade between the two countries.
Seif’s warning comes at a time when many Canadians are already feeling the pinch of a slowing economy. Job losses are on the rise, and many workers are struggling to make ends meet. This has the potential to create a vicious cycle, as reduced consumer spending leads to further economic slowdown.
As the CEO of Purpose Investments, Seif’s warning carries weight in the business community. His comments should serve as a wake-up call for policymakers and business leaders alike, urging them to take action to prevent Canada’s economy from slipping further into recession.
To combat the economic challenges facing the country, Seif suggests that Canada needs to focus on diversifying its economy and investing in innovation. By encouraging the growth of new industries and supporting small businesses, Canada can create new opportunities for economic growth.
While the situation may seem dire, it’s not too late for Canada to turn things around. By taking proactive measures to address the country’s economic challenges, Canada can avoid a prolonged recession and set the stage for a more prosperous future.
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Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.
It's not normal to have the average house prices 14x the average salary and have high interest. When interest rates where 10x+ houses cost 3-4x a yearly salary.
I was an unexperienced stock trader and i lost over $80K when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, really grateful I find one source to recover my money, at least $10k profits weekly. Thanks so much Mrs Jenifer Jones
Canada, Germany, England – America is next
Just say the word and be honest
This opinion isn't worth the data it's carried on. Thumb down
These bank reps are out of touch with reality….People still spend but are putting more on credit cards and thinking that Canadians with these mortgages can live with a 6% + in interest is dreaming….
The right measure is growth in GDP PER CAPITA. By that measure, we have been in a recession for years as our living standards get undermined by low productivity, high taxes, punitive and costly government regulation, excessive government spending on borrowed funds and a very poorly led Bank of Canada. Governments are focused on Debt/GDP and simple increase in GDP – because it allows them to borrow and spend more and run more government deficits. Need to focus on PER CAPITA measures as that is what is really important to the citizen.
Great video, thanks for sharing it!
Net Flow of Funds into Purpose tells a different story. Half of Canadians are struggling while the other half makes excess money.
Canada is in a recession the federal government is playing with the numbers
Productivity is very low so inflation is going to persist and BOC will keep the interest rates high. Unless the price of services and products come down there is no easy way out. Companies have to cut their profits and upper management have to take less payouts and workers have to produce more for less pay and import less from Asian economies like China. Imports from China is like when a lion eats a gazel when it's alive.
Canada is not just in the middle of a recession, it is transitting into a depression.
All thanks to the forlking lieberals/ndp, and the liberal ndp voters.
Som is a smart dude. We were friendly in University too, and he's a good dude too. Glad he ended up as an expert – he deserves all the recognition he gets.
wonderful rrsps! mine went down in nominal value 5% in five years.
You just can't make enough money in Canada. Hahahahaha
I feel like I am taking investment advice from a flight attendant, since the only time I see this guy is on every single Air Canada flight, ever.
“How to secure wealth during a recession” Do this
i like their purpose cash USD 5.40% fund,
Speculators need to suffer, a whole generation of investors just been riding the gravy train.
Yes we are in the middle of a recession but we have to keep interest rates high as inflation is too high for Canadians of limited and modest means.
When people stop lining up to shop at costco, apple store and starbucks then we are in a recession.
Canada is absolutely in a recession!!!
My business in construction hasnt had work in 8 months.!!!
Yes, most likely, we are in a recession. I am a small business owner, and we are not stable for the last 12 months. Some weeks, we are busy, but some weeks, we are so slow. How long will this go for? I don't know. Hope things get back to normal again.