Canada turns a corner

Canada’s painful recession appears close to an end after the economy received two key votes of confidence Monday suggesting the turnaround — albeit modest — is just around the corner.

OTTAWA — Canada’s painful recession appears close to an end after the economy received two key votes of confidence Monday suggesting the turnaround — albeit modest — is just around the corner.

The Bank of Canada’s summer survey of businesses revealed a surprisingly upbeat mood among Canada’s leading executives, with 61 per cent expecting improved conditions and 39 per cent planning to start hiring in the upcoming 12 months.

And the Conference Board of Canada’s newest quarterly forecast calls for the recession to finally end this summer, setting the stage for a better-than expected 2.7-per-cent output rebound next year.

Both reports confirm the new emerging consensus among analysts that what has been termed the Great Recession of 2008-09 is winding down after exerting tremendous damage to workers, businesses, equities and homeowner wealth.

Realty firm ReMax reported that attractive prices and mortgage rates continued to revive house sales in June, with the largest markets of Toronto and Vancouver posting strong gains. The real estate company said most centres are now predicting year-end sales on par or ahead of 2008 levels.

There remain quibbles among economists about the specific end point of the recession, and the size of the rebound.

But there is now a wide consensus that the recession is petering out and that the recovery, when it comes, will be sluggish or very sluggish, said Douglas Porter, deputy chief economist with BMO Capital Markets.

Canada has lost about 370,000 jobs since October.

Just Posted

NDP won’t stop until Trans Mountain is built, says minister

Deron Bilous speaks at Red Deer chamber luncheon

Red Deer officials will allow Calgary to trial alcohol in parks

The result could determine if local rules are relaxed

Red Deer city council could provide more clarity around closed-door meetings, says review

Confidential matters were found to be handled appropriately by city

Special lift improves Lacombe patients’ therapy

A new mobility lift is helping physical therapy patients at Lacombe Hospital… Continue reading

Red Deer group is pushing to create a local ‘international village’ to promote unity

A city made up of immigrants has no place for intolerance, say group members

Trudeau says politicians shouldn’t prey on Canadians’ fears

The Prime Minister was speaking at a townhall in Ontario

WestJet plane heading to Victoria slides off Edmonton runway, no injuries

EDMONTON — A WestJet plane has slid off an icy taxiway at… Continue reading

Sam Bennett scores twice, Flames beat Red Wings 6-4

Flames 6, Red Wings 4 CALGARY — Sam Bennett scored twice including… Continue reading

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Fashion Fridays: Inspirational gym outfits

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Company issues lifetime ban after man jumps from cruise ship

Nick Naydev posted the video last week showing him standing on the balcony of the Symphony of the Seas

Unruly passenger forces B.C.-bound flight to divert to Calgary

Police say charges are pending against a woman in her 40s

Inflation rises as higher airfares, veggie prices offset cheaper gas

Statistics Canada says inflation accelerated to two per cent in December

Canadian tattoo artist inks Toronto skyline on Blue Jays pitcher Stroman

Marcus Stroman found a way to show his appreciation for Toronto when… Continue reading

Most Read