There’s been a lot of chatter lately about global instability. China’s stock market has been shut down twice in the last few weeks, prompting fears the country is not growing at its forecasted rate. Saudi Arabia and Iran are in a very scary staring match right now, and North Korea just tested another bomb. Commodity prices are suffering, and Britain looks like it may leave the EU amidst an ongoing migrant crisis.
But amidst what looks like another year of volatility is the one shining light in terms of the international economy, and it bodes incredibly well for us up here in Canada. A recent New York Times piece outlined how as the winds of instability blow across the world, the United States remains strong and prosperous.
While on the surface, this doesn’t look good for Canada given even though oil is cheap, we’re not really seeing it, or the fact that our dollar is suffering. But a deeper look reveals something else. The US is Canada’s largest trading partner, we do the majority of both our importing and exporting to them, and one could argue no two countries on the planet are more intertwined and symbiotic. As job rates remain stable to the south and increased investor confidence continues to grow, we stand beside our American partners looking to continue what is already a beautiful relationship for both countries.
What does this mean for real estate, while everyone talks about instability? Well it’s good news too. Canada has been pegged as a key advanced emerging market–and B.C. could be the tip of the spear. With our American friends looking like the one ship in the storm able to weather the high winds, amidst all this talk of global instability, we might be the shining example for others to follow, and the light at the end of the tunnel.