[Waterluvian]

I'm sensing this tremendous tension and anxiety in Canada too. Hopefully our energy sector will buoy things a bit so they don't get too terrible.

[myth_drannon]

They just posted the job numbers for October and it was +100k, blew through the roof. All this doom and gloom is to push the central banks to calm down and stop raising the rates.

[__turbobrew__]

I (Canadian) had to call our mortgage advisor about something unrelated to the rate hikes, but they said people are losing it because their 30 year mortgage now has a 40+ amortization period due to the payments on the mortgage staying the same but the rates going way up. If rates don’t stabilize it is going to be a bloodbath once peoples 5 year terms are up. You can easily see your monthly payments double.

[lostlogin]

Is the energy sector mining, drilling, oil and gas? If that's the way out of financial strife, that's depressing.

[Tiktaalik]

Tech industry in bc employs more people than all the mining oil and gas combined.

The importance of the traditional resource industries feels like an out of date meme leveraged for political reasons. It's not the future for Canada.

[fdsafdewe]

You'd be amazed at how many "traditional resources" it takes to manufacture CPUs and other semiconductors.

[soperj]

BC's biggest exports is still Coal, and then Lumber. I'm sure Natural gas will be added to that list shortly.

[lostlogin]

That may be true, but at a significant cost. Skilled labour contributing to GDP is rather more useful than trashing the place and making a quick dollar. Just comparing the dollars masks this.

[soperj]

We're still a resource extraction economy in Canada. If it's not oil & gas, it's timber, mining, water, fish, food. You look at every major export from any province in Canada and it's mostly resources. Ontario is cars, which I'm not sure is any better.

[Waterluvian]

All of that and more. I just mean, a buoy that rises with rising energy prices to lessen the blow of an energy crisis.

Indeed, it's pretty !@#$ing awful that that's the condition.

[cgh]

I understand the hesitance to rely on oil and gas, but what’s wrong with mining?

[Tiktaalik]

it's enormously destructive to animal habitats, can poison water supplies.

https://thenarwhal.ca/for-decades-b-c-failed-to-address-sele...

[refurb]

Canada is going to be hit hard. If you go on the Canadian financial subreddits, you'll see plenty of "Can my bank increase my mortgage by $1,500 per month?".

The decades of continuing dropping interest rates mean a good chunk of the population don't even understand the mortgages they took on.

Now imagine buying a home for $1.5M in GTA, then having your mortgages payment increase by 50-75% and the value of your home drop by 30%+.

Winter is coming.

[olliej]

This is a standard pro business publication that posts sensationalist headlines with regularity, and believes the only way an economy can function is by not having taxes and letting businesses do whatever they want whenever they want.

With that background we can see that they will always want to be able to run headlines like this, whether they’re right or wrong. So I wouldn’t worry about things based solely on headlines from organizations like this, any more than I’d put all my trust in economic forecasts from “The Marx Community Paper” :D

I’m similarly wary of banks own forecasts given their track record of being opposed to any economic policy that doesn’t increase their own profit margin.

Honestly I would kill for the big important government measures for inflation, etc to only account for say the 80-90yh percentile of tax residents.