21 Dec 2012

Canadian economy to slow in 2013

Experts are anticipating a tough economic year for Canada in the upcoming year. According to recent separate reports by the International Monetary Fund and Canadian Imperial Bank of Commerce (CIBC), Canada's GDP is expected to grow just under 2 percent in 2013.

Homeowners trying to save money during uncertain economic times may want to explore self storage options. By using a self storage unit to free up space within a home, people may be able to rent out a room or even operate a small business without paying for costly real estate.

According to the experts, the fiscal cliff in the United States will also affect Canadians, as commodity prices are expected to fall.

“Having earlier tapped fiscal stimulus and a housing boom to shelter the economy from sluggishness abroad, the country’s ability to set its own course is now much more limited,” said Avery Shenfeld, CIBC's chief economist.

With Toronto's property tax expected to be up 2 percent in the coming year, homeowners will have to save money where they can.

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