Phillip Colmar, managing partner and global strategist at MRB Partners, joins BNN Bloomberg to discuss Canada’s latest GDP that signals the economy is going into a technical recession. Colmar says he is not surprised about it given the household sector has excessive debt, the housing market is overleveraged and in a bubble. Furthermore, he raises concerns of where the economy could go from here.
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BREAKING: Recession News
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The Canadian economy has been facing some challenges in recent years, and there is a growing concern over the likelihood that the country may fall into something bigger than a mild recession. A combination of factors such as weak global growth, uncertainty surrounding international trade agreements, and a slump in commodity prices are all contributing to the economic uncertainty in Canada.
One of the key factors impacting the Canadian economy is the slowdown in global growth. As a resource-rich country, Canada is highly dependent on exports, and a slowdown in global growth has had a significant impact on the demand for Canadian goods and services. In addition, the uncertain future of international trade agreements, such as the ongoing negotiations between the United States, Mexico, and Canada over the North American Free Trade Agreement (NAFTA), is adding to the uncertainty surrounding Canadian exports.
Moreover, the slump in commodity prices has also been a major challenge for the Canadian economy. Canada is a major producer of natural resources, such as oil, gas, and minerals, and a decline in commodity prices has had a direct impact on the country’s economy. With the oversupply of oil and gas in the global market and the lack of demand for natural resources due to weak global growth, Canada has been struggling to maintain its competitive edge in the global market.
Another concern for the Canadian economy is the high levels of household debt. The high cost of living in Canada, particularly in major cities like Toronto and Vancouver, has led to a surge in household debt levels. This has put pressure on consumer spending, which is a major driver of economic growth in the country. As a result, there is a risk that a slowdown in consumer spending could lead to a further downturn in the Canadian economy.
Given these challenges, there is a growing likelihood that Canada may fall into something bigger than a mild recession. The Canadian government and the Bank of Canada have been taking measures to counter these challenges, such as increasing infrastructure spending and maintaining low interest rates. However, the impact of these measures may take time to materialize, and there is no guarantee that they will be sufficient to prevent a more severe economic downturn.
In conclusion, the Canadian economy is facing a number of challenges that are increasing the likelihood of a more severe economic downturn than a mild recession. The combination of weak global growth, uncertainty surrounding international trade agreements, a decline in commodity prices, and high levels of household debt are all contributing to the economic uncertainty in Canada. It is important for the Canadian government and policymakers to continue to monitor the situation closely and take proactive measures to prevent a more severe economic downturn.
Canada is fucked
In light of the impending recession and the fact that inflation is still far higher than the Fed's 2% target, several of the most prominent market analysts have been expressing their views on how terrible they believe the next downturn will be and how far stocks may have to fall. I need advice on what investments to make because I'm attempting to create a portfolio for my children that will at least be $850k in value.
We are in a full recession!
The only thing you can do is make sure you're ready and plan accordingly because recessions are a natural part of the economic cycle. I began my career during a recession (2009). Aerial acrobatics on cruise ships was my first job out of college. I've developed my own business, am a vice president at a large corporation, own three rental homes, invest in stocks and businesses, and have seen a growth in my net worth of two million dollars over the past four years.
Lol k open borders give them money. Send Canadians money to Ukraine people who actually work for a living are the ones who are leeched from!
We have experienced the peak of an era and now it is over. The recession destroys everything, including RRSPs. My retirement portfolio of C$400k is in the red. I keep losing because of uncertain economy. I'm sorry if you're thinking about retirement and worried that your pension won't be enough to cover rising living costs. Terrible foreign policy, bad regulatory policy and bad fiscal policy everywhere.
This administration is putting many families into difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. You've helped me a lot Ms Jerrika Greg, imagine investing $2,500 and receiving $18,400.
One word: bitcoin
I prefer a quick and hard recession, instead of politicians and central bankers meddling and prolonging the unavoidable.
As a Canadian if the only reset we get is everything collapsing then so be it. Id rather people eat and own a home, grow a garden and have a good paying job that makes you comfortable. Its a nightmare living in Canada, ive looked at every other country and housing there, idk if its cheaper to move to italy buy a villa learn italian and work and live in italy as opposed to buying a house in my country.
Nice video stocks are falling and bond yields are rising, but markets still don't seem convinced the Federal Reserve will pursue plans to keep increasing interest rates until inflation is under control. I'm still at a crossroads deciding if to liquidate my $250,000 stock portfolio, what's the best way to take advantage of this bear market?
I remember last time in 08 with harper running the show it was a blip to us while the Americans payed. Now with TURDRILL running the show we are f….d it matter who you vote for
USD-CAD —— This pair is going to parity from this point on going back to 2011-2012-2013 Levels —– Home prices will see a 30%-40% value cut coming soon.
recession started when trudeau took office
I have complied the following list of Liberal accomplishments to help I think it will be a real winner for the Liberals next election
1) Taxing and spending to a point where Canadians standard of living is
declining.
2) Promoting criminals and drug addicts to roam our streets at will
3) Stacking the courts with Liberal toady judges
4) Allowing massive waves of Illegals, refugees and others into Canada
who are unskilled, uneducated and illiterate rather than executing a
proper immigration system
5) Actively pushing and promoting pure racist policies under the guise of
diversity, equity, and inclusion
6) Being incompetent at anything they touch, and hiring people not based
on their competence, but on their color, .ex, or race
7) Being so arrogant that they think they know better than the parents of
children
8) Accusing Canadians of .enocide. When they truth is now coming out
that no .urdered .ative children’s remains have been found
9) Diminishing and debasing the term genocide to the extent that it has become meaningless.
10) Making massive payouts from the tax base for stories that happened
over 150+ years ago with no basis in fact, history, or reality
11) Branding people who protest Liberal polices as right-wing extremists
instead of listening to their concerns.
12) Increasing Canada's governmental costs by billions.
13) Disrespecting all Canadians living and past by flying the Canadian
flag on the Peace Tower at 1/2 mast for over 6 months to satisfy the
constantly aggrieved stone age tribes. The Peace Tower holds the
books of Canada's dead. Listing of all Canadians who fought and died
for Canada
14) Removing Canada’s history from our passports including the Great
Terry Fox a true Canadian
The B.o.C will do whatever needs to be done. It didn't think of mortgage holders when it lowered interest rates to near 0% and it won't be thinking of mortgage holders if it has to continue to raise rates.
"A premature inversion of the yield curve"? Ok, this time in English.
I HAVE NEVER EVER HERD SUCH CRAP ABOUT THE ECONOMY, THE GOVERNMENT RUINED THIS BEGINING OF THE PAN 19 BULCRAPO AND BEEN GOING DOWN HILL EVER SINCE, STOP SPREADING THE SUGAR ON THE TRUTH AND JUST SAY WE ARE HEADING FOR A GREAT DEPRESSION THAT NO ONE HAS EVER SEEN BEFORE IN THEIR LIVES IT WILL BE WORST THEN THE FIRST GREAT DEPRESSION, PLEASE PLEASE STOP INSAULTING CANDIAN PEOPLE WE ALL KNOW WHAT IS COMING WHY ARE YOU ALWAYS TRYING TO SUGAR COAT A PIECE OF CRAP!!!!!
LETS ALL PLEASE JUST GET REAL HERE OK…. ENOUGH WITH THE FAKE REPORTS SERIOUSLY, WE ARE WAY BEYOND A RECESSION AND EVERYTHING IS GOING FOR BUST, HOUSING, BUST, INTEREST RATES BUST, IT IS ALL BUST, STOP SPREADING ANYTHING DIFFERENT, THE PEOPLE NEED TO KNOW THE TRUTH !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life is always harder under a NDP/LIBERAL government.
Dear BNN uploader. This is not a podcast. Please learn how to sync video and audio. Many of your uploads are sloppy.
Nothing like BL00mberg to distort reality and in some cases outright lie. From my experience anyway, one of the worst of the MSM, next to Seebsee. Never trust a guy in a suit.
I moved out of that garbage country. It felt like a recession for around 10 years, crime was sky high, too much immigration and prices for everything was ridiculous. They let so many immigrants who drove down the wages, undercut everyone and caused housing shortages. That country is a lost cause to be honest. I'm not proud to be born and raised there.
Not like we weren't warned about this. If you chose to ignore the warnings then that is on you. And don't listen to these talking heads saying that interest rate hikes are over–they're not.
The amount of people moving to Canada lately. There is no recession. Everyone seems to be living and spending just fine.
If you can't afford to live you are obviously living above your means and need to re-evaluate your budgets for all those extra things you don't really need but just have because you feel the need to impress your neighbors.
Justin trudeau is to blame for the decline vote the comm unist out!
As a 60ish Canadian the last time a politician caused this much pain was also a Trudope and a bold-faced Canadian hater just like Mr Castro in Ottawa
send the migrants back to their country, their making canadians unable to afford anything
Canadians don't deserve housing. Houses are for investments only, not housing.
Boc is useless, welcome to the new world order, limits to growth by Dennis Meadows
Our GDP is propped up by housing and in case if you missed your own reporting, rate buy downs from builders are financial engineering tricks that aren't reflected as declining prices. We're re clearly already in a recession but you won't report the real numbers!
Canada has been in a recession in one way or another as long as I can remember, which is about 45 years. It is not a prosperous country. It's a place where you exist.
I’m 41 – born and raised in Canada — and I can’t remember a time before (as politicians put it) “These tough economic times.”
I have a good job. I’ve practiced law for a decade. I don’t feel I can comfortably afford a home. Something is deeply, frighteningly wrong with our economy.
Subtract Real Estate based DEBT instrument explosion from Canadian GDP over the last decade ?
and whoopsie daisies….
Canada has ALREADY BEEN IN A SEVERE RECESSION for 10 years !
and merely just "papering over" GDP with DEBT !!!!
no growth
And so it begins…
Rate cuts are only going to increase inflation dramatically. Thanks for the gross incompetence these last 15 years BoC and governments of Canada. You created a bubble thats going to pop and create economic carnage.
A kleptocracy named Canada
It has felt like a recession in Canada since around 2015.
1:42
It is too bad that the central banks are giving up the fight. A pause just helps promote stagflation which just means the average guy just continues to get robbed by their governments. Capitulation by the BoC will only mean higher long term rates.
Rich r broke
Next week will be a different story from these guys.
The canadian dollar is so low, I am trying to dump some but always too low compared to other major currencies , that's a sign the economy is on the brinks of collapse
Theyll print their way out of it + fake the inflation numbers
"Technical"???? You are funny.
I moved to Canada in 2018 from the US. It has felt like a recession to me all along..