HOW TO SURVIVE AND THRIVE DURING
THE RECESSION 2022-2023
Good morning, good afternoon, good evening, my friends!
Depends where you are in the world. What a wonderful time to live in this world - there are so many possibilities. However, we must admit there are a lot of obstacles too, but there is nothing you can't overcome. With the proper help, right people in your life and a good mindset everything is possible even in "these" days.
Do you know what I am referring to? I would like to discuss a very-very hot topic - Recession. So what is it? How does it affect the real estate market? And how may it affect You?
A recession is a significant decline in economic activity that lasts for months—or even years. Experts declare a recession when a nation’s economy experiences negative gross domestic product (GDP), rising levels of unemployment, falling retail sales, and contracting measures of income and manufacturing for an extended period of time. Financial experts predict serious recession in the first quarter of 2023 in Canada. According to them, this is most likely inevitable.
So what is actually causing Recession and how does it relate to High mortgage rates? Well, at the moment the whole world including Canada and U.S. experiencing extremely high inflation rate - about 9.5% annual rise in price level in Canada alone. This means people get poorer because they are not able to buy as many things as they could before high inflation. In order to fight