3 Housing activity in Canada is at a near record share of GDP, and there are indications of overbuilding and overvaluation in some segments of the housing market. Reflecting the strength in spending relative to income, Canada’s current account has been in deficit for the past four years. These trends are not sustainable.
The new $ polymer bank note – which begins today to make its way into banks, stores, and wallets across the country – features the Canadian National Vimy Memorial. It is altogether fitting that this bank note – the most widely used denomination – would remind Canadians of the Battle of Vimy Ridge, which was so pivotal in our history.