However, expectations for which provinces will see the most significant downturn are unchanged From alicjawithaj
Read full articleA rebound in the housing market, labour shortages and skyrocketing population levels have helped boost economic growth this year, pushing the prospect of a downturn to 2024, a new Desjardins report says.
Desjardins principal economists Marc Desormeaux and Hélène Bégin updated their provincial outlook on Tuesday, delaying the timing for an economic slowdown to 2024 as the economy remains resilient in the wake of rising interest rates. The downturn timeline revision is due to the strength of housing market rebounds, particularly in Ontario and B.C., as well as "acute labour shortages and skyrocketing population growth" across all provinces.
"Monetary policy works with a lag, and all regions should increasingly feel the dampening impacts of sharply higher interest rates in the coming months."While the timing of the slowdown has been pushed back, the expectations for which provinces will see the most significant downturn remain unchanged. The pending downturn will not play out equally across the country, with the economists noting that housing-exposed provinces, namely Ontario and B.C., will see more significant slowdowns.
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