In the news, Canadians continue to pile on the debt, now at 164.6% of income, rising from 163.3% in the previous quarter.
Meanwhile in BC, Moody's has downgraded our credit outlook to negative, while it becomes increasingly obvious that the budget is nowhere near on track to be balanced. In the article the loss of revenue is attributed to lower natural resource royalties. As the housing market slows down, the loss from FIRE and construction industries will be another big bite.
|Contruction + FIRE industries as percent of BC's total GDP - From theeconomicanalyst.com|