by SubversiveInterloper
While other parts of the country have seen housing prices soar due to rampant real estate speculation, the reality is that all that activity has done absolutely nothing to improve the plight of the average Canadian. According to IMF data, Canada has experienced a lost decade with our GDP per capita three per cent lower than 2010 levels while our neighbours to the south have experienced a 35 per cent increase over the same period. In particular, there has only been a slight six per cent recovery from our 2015 lows compared to a whopping 50 per cent increase in the U.S. It certainly doesn’t help that outside of housing, Canadian capital growth has averaged only 0.8 per cent since 2015, its weakest run in nearly six decades.
Sadly, our living standards have also taken a hit deteriorating nearly six per cent from 2007 compared to an average two per cent gain in the OECD, as cited in a recent report by the Business Council of British Columbia.
“Canadians have seen the largest deterioration in living standards relative to peer countries over 2007 to 2018, according to OECD data. This is primarily because peer countries have increased their productivity by more than Canada,” the Business Council wrote.
While other parts of the country have seen housing prices soar due to rampant real estate speculation, the reality is that all that activity has done absolutely nothing to improve the plight of the average Canadian. According to IMF data, Canada has experienced a lost decade with our GDP per capita three per cent lower than 2010 levels while our neighbours to the south have experienced a 35 per cent increase over the same period. In particular, there has only been a slight six per cent recovery from our 2015 lows compared to a whopping 50 per cent increase in the U.S. It certainly doesn’t help that outside of housing, Canadian capital growth has averaged only 0.8 per cent since 2015, its weakest run in nearly six decades.
Sadly, our living standards have also taken a hit deteriorating nearly six per cent from 2007 compared to an average two per cent gain in the OECD, as cited in a recent report by the Business Council of British Columbia.
“Canadians have seen the largest deterioration in living standards relative to peer countries over 2007 to 2018, according to OECD data. This is primarily because peer countries have increased their productivity by more than Canada,” the Business Council wrote.