The chief economist for the Bank of Montreal says Windsor and London continue to have some of the fastest growing home prices in the country.
Doug Porter was in Leamington on Wednesday to provide a snapshot of the Canadian economy, and pointed out Canadians have surpassed Americans in at least one respect.
“We now have a $1.70 in debt for every $1 of income we have,” said Porter. “That’s an all-time high, it’s above our American counterparts, and that’s not normal.”
Porter also touched on the national jobless rate, at 5.7 per cent, which is at its lowest since 1974.
Porter also discussed the ongoing negotiations with the North American Free Trade Agreement, which he believes will affect Canada more than the United States, and more importantly, how it will affect you when you go out to buy a new car.
“Our best guess is that if NAFTA were to be fully terminated, it would add about $1,000 to the price of a vehicle, even in the U.S. because it basically would frustrate some of the very efficient supply chains that we've built up over the years,” said Porter.
Dozens of local business professionals and owners, including farmers and greenhouse growers, attended the morning session at the Roma Club in Leamington.
