22
Nov
12

Is a Crisis Coming to Canada?

Below are some interesting statistics about Canada:

– 1 in 6 Canadians will either go bankrupt or file for bankruptcy in their lifetime

– 73.7% of country’s exports go to the US

– Canadian consumers debt to income is now over 164%

– Canada’s national debt is now around 90% of GDP

– the total mortgages outstanding in Canada have now surpassed $1.15 trillion

– the average house price in Canada is now nearly 10 times the average salary

– around 70% of Canadians have no pensions

Looking at the above facts, it becomes obvious how dependant Canada is on the US economy. With a retirement crunch coming soon as Baby Boomer’s are of ripe retiring age as well as Canadian Consumers, Corporations and Governments borrowing levels at all times highs, there is a debt crisis of of epic proportions in Canada. With an economy that has been severly reliant on Natural Resource Exports as well as construction, how will it survive with an imminent housing downturn? With the US moving towards being self-sufficient in it’s energy needs, how will Canada generate revenues from it’s Natural resources in a slowing down Global Economy? Is the debt crisis about to hit Canada?

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