We are all hearing and reading about the econimic news of the world, and what we are reading at first glance is a story of "Doom and Gloom". But if you take even a moment and filter out the Media Hype and the things that are pertinent to our area of Atlantic Canada, you will quickly see that all is not that bad here at home.....and we are not the only fortunate ones, there are many areas in the rest of Canada and the US that are also in a good or good recoverable position.
Look at some of the points and reports that are out there:
The World Banking Institutions and World Government Finance Ministers have been quoted as saying "Canada has the most stable, well regulated banking system in the world.....Did you get that..."In The World"
RBC (Royal Bank), in one of its economic reviews has stated that, "the economy of the country is in a reasonably stable position and the Atlantic Provinces, having always been a conservative and steady growth region, will continue on that steady growth curve."
NSAR (Nova Scotia Association of REALTORS(r)) statistics are showing modest but steady increases in both sales and listing prices, and that the Halifax Dartmouth region is at the top end of these increases.
We are also fortunate that industry in our region has not incurred the massive job losses that have been felt in other areas of the country. This in essence says we are in the best place in the world (of course we knew that anyway)
All of this is not to say we are sitting on "easy street", but it is comforting to know that things could have been a whole lot worse. We will feel the pinch in some of the things that were part of the "norm", but with sensible adjustments, we will get through these uncertain times relatively unscathed.
Does this mean that we need to pay closer attention to our spending and investing?......Yes.
Does this mean that we should stop spending and investing?........No.
Our everyday purchases are what drives our economy and now is the time when the economy needs our spending more than ever. One incentive for spending is that most retail products are on sale with very attractive discounts. This is not to say spend for the sake of spending, but if there are things you wanted or needed to buy in the foreseable future, now is the time.
Investing: Let me begin by saying I am not a licensed investment counsellor or advisor and would always advise that you speak to those professionals who are......A word of caution,....Be careful who is giving the advice, especially if that person or persons have a "product" to sell, ie: they represent some form of investment or financial group or institution. There are independent financial advisors and/or accountants.
The one investment that has survived the test of time, especially in the Atlantic Region. is real estate....."Oh sure, here comes the REALTOR(r) advising you to buy HIS product" Well in a way yes, but again not because I am saying it, but because it is a proven fact and as I said, "Real estate investing HAS stood the test of time. And not to forget, interest rates are at record lows.....this is a "Good Thing". Real estate in our region does not have large fluctuations in price as do commodities and mutuals but enjoys a steady increase in value.
Investing in real estate may not make you rich overnight.......but you will sleep a lot better.