I had a good conversation with my accountant, George Szczepski, yesterday as we went over some company financial statements. Of course, the conversation turned to the economy and the future of the housing market.
George thinks we are going through a "correction" rather than a recession. I tend to agree with him. With the exception of the car industry, our local economy is very sound. It's the external factors, mostly the US factors that have pulled us down. And, whether things are going north or south, we are a herd of cattle, following the one in front of us.
The stock market and the financial industry in the US is a mess. Something was going to happen sooner or later to correct the situation. People were earning millions of dollars in bonuses for managing funds that were losing money.
So... we are "correcting" as we speak. Let's hope it doesn't take too long.
Investing in real estate is still a good thing. The factors over the past few years that people have complained about were the high cost of oil and the high Canadian dollar. Well, it appears that those issues have gone away. It's just the confidence we need to get back.
Happy New Year.
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