Some quick stats to demonstrate the scale of the precipice in British Columbia, Canada.
GDP of Canada 1.6 trillion
GDP of BC 190 billion
BC produces 12% of Canada's economic output
Total residential housing valuations of Canada 3.5 Trillion
Total residential housing valuations of BC 1 Trillion
BC holds 29% of Canada's housing valuation
How does it do it? It imports wealth and households are in greater debt than their peers. But mostly the first. From where: 1) the rest of Canada, but inter-provincial immigration has reversed as of Q3 2011, 2) China, India dominated the family and skilled worker classifications (according to 2007 BC stats for Vancouver).
Here's your take home question. Which two BRIC countries are suffering the most right now?
BC is a lot like Hong Kong in that flow of funds will make or break prices.
GDP of Canada 1.6 trillion
GDP of BC 190 billion
BC produces 12% of Canada's economic output
Total residential housing valuations of Canada 3.5 Trillion
Total residential housing valuations of BC 1 Trillion
BC holds 29% of Canada's housing valuation
How does it do it? It imports wealth and households are in greater debt than their peers. But mostly the first. From where: 1) the rest of Canada, but inter-provincial immigration has reversed as of Q3 2011, 2) China, India dominated the family and skilled worker classifications (according to 2007 BC stats for Vancouver).
Here's your take home question. Which two BRIC countries are suffering the most right now?
BC is a lot like Hong Kong in that flow of funds will make or break prices.
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