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Wednesday, February 21st, 2024

10 Quick Quotes from CAAMP’s Econ Panel

10 Quick Quotes from CAAMP’s Econ Panel

Vancouver Mortgage BrokerThis year’s CAAMP economic roundtable in Vancouver included chief economists from Scotiabank (Warren Jestin), National Bank (Stephane Marion) and Laurentian Bank (Carlos Leitao).

Most of their discussion revolved around risk in some way or another. Here’s a quick rundown of 10 comments they made that stuck out:

  1. “The biggest risk to the financial sector would be politicians.”—Marion
  2. “If we get any (economic) surprise in the U.S. it’s going to be an upside surprise.”—Jestin
  3. “2013 will still be a year of transition, with somewhat higher mortgage rates.”—Jestin
  4. “Economists are scaring you. Rates aren’t going anywhere.”—Marion
  5. Fiscal austerity may collide with housing policy” in Canada.—Marion
  6. As a percentage of GDP, residential construction is 7%, which is “unsustainable”—Leitao
  7. The worry about household debt is “hugely overblown.”—Jestin
  8. CMHC is not at risk like Freddie and Fannie(in the U.S.), largely because those two “were forced to lend to meet their mandate.”—Leitao
  9. Unsecured debt is “not the problem” in Canada—Leitao
  10. People used to buy houses near good schools. With a rapidly aging population, you may want to “Buy near a good hospital.”—Jestin