Three words to sum up Canada’s economy: ‘Best. Recession. Ever.’

The recession debate occurring now on airwaves and among armchair economy watchers isn’t a debate at all, according to the Bank of Montreal’s Doug Porter.


On the consumer front, much like their U.S. counterparts, Canadians are making big-ticket purchases like it’s their job, snapping up homes and cars in record numbers.

Outside of Alberta, home sales are posting strong — and in some cases such as Vancouver downright torrid — gains. And auto sales are “still rolling,” Porter said.

“On the recession debate, we will simply note that Porsche sales are up a tidy 30 per cent so far this year in Canada,” the BMO economist said. “Yes, times are tough.”

If what Canada is caught in is a recession, here’s Porter’s take: “Best. Recession. Ever.”

Rajan Prashar

Rajan Prashar

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