{"id":4329,"date":"2016-12-19T11:11:44","date_gmt":"2016-12-19T19:11:44","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4329"},"modified":"2016-12-13T20:18:23","modified_gmt":"2016-12-14T04:18:23","slug":"reasons-why-2017-may-be-the-best-year-for-canadas-economy-since-2009","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/reasons-why-2017-may-be-the-best-year-for-canadas-economy-since-2009\/","title":{"rendered":"Reasons Why 2017 May Be The Best Year for Canada\u2019s Economy Since 2009"},"content":{"rendered":"<p style=\"text-align: justify;\">Real estate is among several factors that could next year help Canada\u2019s economy build up to its greatest annual growth since 2009, when it bounced back from the Great Recession, the Bank of Montreal suggests.<\/p>\n<p style=\"text-align: justify;\">\u201cHouse prices \u2014 at least in the Toronto area \u2014 have rocketed higher, with no signs of cooling their jets,\u201d writes BMO Senior Economist Sal Guatieri in a research note listing four factors that point to stronger economic growth in 2017.<\/p>\n<p style=\"text-align: justify;\">The average price of a home (including condos) in the Greater Toronto Area surged 22.7% in October, compared to the same month last year, BuzzBuzzNews reports.<\/p>\n<p style=\"text-align: justify;\">The BMO Canadian Financial Conditions Index, which BMO launched earlier this year after the Bank of Canada stopped publishing its own, provides the basis for Guatieri\u2019s comments.<\/p>\n<p style=\"text-align: justify;\">Specifically, the index, based on nine indicators (including home prices), is suggesting the Canadian economy will grow by 2.5% next year, an improvement over this year\u2019s \u201csubpar\u201d 1.3% growth, says the BMO economist.<\/p>\n<p style=\"text-align: justify;\">In addition to home prices, the Loonie is also expected to play a supporting role. \u201cThe long-lagged effect of the Loonie\u2019s past depreciation will peak next year,\u201d Guatieri notes.<\/p>\n<p style=\"text-align: justify;\">As are the Toronto Stock Exchange\u2019s performance \u2014 it\u2019s up 17% this year \u2014 and oil prices, he adds. \u201cOil prices have nearly doubled from their lows (and should rise moderately further next year).\u201d<\/p>\n<p style=\"text-align: justify;\">The TSX, Canada\u2019s largest exchange, has been rallying of late, most recently this morning on the shoulders of the financial and energy sector, BNN Reports.<\/p>\n<p style=\"text-align: justify;\">Crude prices shot up yesterday following word that countries that aren\u2019t members of the Organization of the Petroleum Exporting Countries agreed to scale back oil production alongside their OPEC counterparts, according to the Globe and Mail.<\/p>\n<p style=\"text-align: justify;\">The hope is this will lead glutted inventories to diminish over time, resulting in higher oil prices as demand catches up with supply.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/12\/4-reasons-2017-best-year-canadas-economy-since-2009.html\" target=\"_blank\">Reasons Why 2017 May Be The Best Year for Canada\u2019s Economy Since 2009<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Real estate is among several factors that could next year help Canada\u2019s economy build up to its greatest annual growth since 2009, when it bounced back from the Great Recession, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/reasons-why-2017-may-be-the-best-year-for-canadas-economy-since-2009\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4329","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reasons Why 2017 May Be The Best Year for Canada\u2019s Economy Since 2009 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/reasons-why-2017-may-be-the-best-year-for-canadas-economy-since-2009\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Reasons Why 2017 May Be The Best Year for Canada\u2019s Economy Since 2009 &#8226; 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