The national GDP numbers just came out and our economy grew by .8%, which was well below the forecasted growth of 1.4%. This was our weakest performance in three quarters due to a sharp drop in international exports and lower government spending.
The United States who just recently published their economic data and it showed that they now have two consecutive quarters of negative which is the definition of a recession. While we here in Canada have not had as high of inflation as the US nor the current lows of their GDP, there are still predictions that we will have two consecutive quarters of negative GDP data very soon as well.
While personally there is not much we can do as individuals to influence the overall financial health of the country, there are actions that we can take to prevent our own economic downfall. Do things like pay off or down your unsecured debt, make sure that you have a 90 day reserve fund and live well within your means. Doing these things will make sure that you personally will be fine during any economic downturn.
Today I am thankful for the well deserved rain that we received today, helping my teenaged daughter discover music from my generation and that she actually likes it.
I look forward to hearing from you in regard to your mortgage needs.
p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).
p.s.s.s You can download my new mortgage app here