When buying and selling real estate, you aren’t just selling the property in question; you are selling the community and neighbourhood as well.
The good news is that a recent report from BMO suggests that many Canadians indicate that they are confident that community businesses and their local economies are poised to grow in the coming months. 44% of respondents indicated that they believe businesses in their local economies are going to grow, compared with only 8% who believe that businesses will shrink.
“These survey numbers show that Canadians are cautiously optimistic about the economy and the growth prospects for businesses in their home communities,” said Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal. “Most businesses we talk to are looking to attract new customers and open new markets for their products or services. This drive and entrepreneurial mindset, which propelled them into business in the first place, is what will ultimately translate into future growth. We’re working closely with these business owners to help them make strategic spending and investment decisions - such as upgrading equipment, training and processes - to increase productivity and exploit the competitive position of Canadian businesses at home and abroad,” added Pin.
Looking at survey results, region to region, respondents in the West were more confident in growth than respondents in other areas. Western Canada led the way- Manitoba/Saskatchewan at 55 %, Alberta (53%) and British Columbia (49 %) compared to only 37% in Quebec.
The differences in optimism reflected in the survey mirror the different levels of economic growth across the country,” said Robert Kavcic, Economist, BMO Capital Markets. “Optimism is highest where we project the strongest growth, such as in Saskatchewan and Alberta, with lower levels reflecting below-average economic growth in Ontario and Quebec.”
BMO has forecast that the Canadian economy is shifting towards expansion, with expectation that real GDP will to grow 2.8 % in 2011, and 2.6% in 2012.