You can Google it for yourself, or you can let me do it for you, but either way you'll see some whopper stories in the media about how, jeez, who woulda thunk it?, the stimulus effect of hyper-low interest rates did exactly what it was intended to do but never said it would: caused spenders to spend too much and savers to look elsewhere for other opportunities.
Check this out:
That's right, in a country with less than 30 major urban centres, 248 news articles were generated about Canadians spending 150% more than they can actually afford if the taps to easy money weren't more open than the local convenience store. But that's not all, even those pesky Americans, hardly the bastions of prudent finance, have sat up and taken notice:
PMSH must just be tickled to be getting more airplay for the snowbirds down south, who out-flock to Florida in more significant numbers than they in-flock to BC. But there's more, with economic gloom clouding over over-spent Europe and hyper-inflated China, there must be some consequences for Canadian households, right?
Now before you all start crowing with "it's different here, we have prudent banks, Canadians are more conservative, yada, yadda, yaddda..." let me show you this:
Meanwhile, closer to home, December sales are on pace to come close to September's. Think about that.