Ontario economy too dependent on housing 'bubble

Ontario, once the industrial powerhouse of Canada, has become precariously reliant on its cheap Canada Goose booming housing market to fuel economic growth, warns a new report.To show how Ontario manufacturing sector has slipped, the Fraser Institute report compares Ontario to Quebec, whose economy was historically weaker. Quebec now has a canada goose lower unemployment rate canada goose deals than Ontario, higher growth in GDP per capita, and more resilience in such sectors as lumber, paper, primary metals smelting and even installation of data centres.Rather than encourage manufacturing, Ontario has relied on housing, which buy canada goose jacket cheap contributed 29 per cent to Ontario economic growth last year, says the report, Ontario One Cylinder Canada Goose Outlet Economy: Housing in Toronto and Weak Business Investment, released Wednesday.society loves bubbles, because most people make a lot of money on it, Cross said in an interview. the Bank of Canada is going to raise interest rates, this should reign in the Toronto and Vancouver markets, which are bubblicious. said that the Bank of Canada had intended its low interest rate policy of the past few years to a fire Canada Goose online under the manufacturing sector in Ontario. Cheap borrowing costs, a low Canadian dollar and low oil prices should, logically, have combined to spur investment in factories, he wrote.Poloz to the rescue? No. Don't bet the Bank of Canada will bust the housing bubbleLawrence Solomon: Who's to blame for Toronto's crazy real estate market? Surprise! It's politicians pockets are driving up the cost canadian goose jacket of homes Finance minister vows to cool Ontario housing marketBut that is not what happened. Instead, Ontario high electricity prices, increases in regulation, high personal tax rate and hikes in the minimum wage have all conspired to depress Ontario manufacturing sector, which canada goose coats on sale shriveled from 21 per cent of the Ontario economy in 2002 to 12 per cent in 2015, the report said. electricity costs are the highest in North America for most businesses, it notes. The last auto plant, Toyota, opened in Ontario in 2009, and since then carmakers have tended to Canada Goose Jackets shed workers, the report says.can see the Bank of Canada pulling its hair out for the last couple of years going, didn the manufacturing sector respond? Cross said. the high cost of doing business in Ontario. interest rates did help other provinces, canada goose outlet the report found. is the only buy canada goose jacket province where manufacturing investment has failed to recover, it said. While Ontario was sliding to have canada goose clearance sale not status in the period after 2003, manufacturing has risen 14 per cent in Quebec, 40 per cent in Alberta Canada Goose sale and 20 per cent in British Columbia.Meanwhile, Ontario has become increasingly canada goose clearance dependent on the real estate sector, particularly the hot condo market in Toronto.Now, he is worried that this bubble will burst, and that Ontario, because Canada Goose Parka of its reliance on that sector, will suffer.in Ontario always https://www.canadagoose-jackets-online.com look canada goose black friday sale down our nose at oil and gas, that it clearly cyclical, he said. there is nothing more cyclical than the Ontario canada goose coats manufacturing industry. And the canada goose store Ontario housing industry is clearly more cyclical more cyclical than Alberta oil and gas industry. There is no reason to be smug. Post.

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