Canadian Economy Is Ready for Rapid Expansion

The Conference Board of Canada anticipates 5.8 GDP growth for the Canadian economy in 2021 and around 4% growth in 2022, according to a report released in March 2021. It is expected that Canada's economy is prepared to take off as more people get vaccinated and pandemic restrictions are lifted. People living in Canada increased their savings rate to 14.8% during the pandemic, compared with an average savings rate of 1.4% before the Covid-19 restrictions were put in place. Consequently, Canadians have a lot of extra cash and there is growing demand to spend it as soon as it is safe to do so. Much of this savings is already being directed into the "red hot" housing market in Canada, especially with interest rates very low. To read more, click here!