The big chill (and we're not talking weather)
ROB magazine examines how Canadian culture may be insulating
us from the economic chill and how two companies plan to
convince Canadians to invest now
TORONTO, Jan. 28 /CNW/ - In the midst of an economic meltdown, there may
be something to cheer about. It's Canadian culture. While America's addiction
to easy money ultimately caused the U.S. housing bubble to burst, Canadians
seem to have a lower debt tolerance hard-wired into their national psyche -
and that may be our salvation. The average amount of debt per capita in Canada
is $35,000, just over half the $62,000 load shouldered by U.S. citizens.
Mortgage debt makes up 80% of disposable income in Canada, compared with 120%
in the United States. In the February issue of Report on Business magazine,
New York correspondent Sinclair Stewart traces the historical development of
America's culture of consumption and debt, and how it has influenced ours.
Also in this issue:
Is it the best time to buy ever? - While the going strategy on the Street
is to run for cover, the team at mutual fund manager EdgePoint Wealth
Management thinks now is the best time possible to invest. Partners and former
Trimark managers Tye Bousada, Geoff MacDonald and Patrick Farmer set out in
mid-September to start a mutual fund company in the value-investing style of
their former employer. One of EdgePoint's biggest draws is a legend in the
business: Trimark co-founder and former CEO Bob Krembil, a major shareholder
in the new company and a key adviser. Reporter Sean Silcoff looks at why the
fund company appears to be poised for success at an improbable time.
Out like a Lamb - Last fall, the real estate market fell off a cliff.
Today, sales of new condos in Toronto and Vancouver are less than half what
they were at the peak in 2007. Real estate agent and developer Brad Lamb needs
to convince potential customers they'd be crazy not to buy now. From
historically low interest rates to sky-high rent, Lamb's justification for
buying is compelling. With such an optimistic outlook on the real estate
market, Senior Editor John Daly examines whether there is a case to be made,
or if Lamb is going to be left in the cold.
Report on Business magazine is Canada's most-read business publication.
Published on the last Friday of every month in The Globe and Mail, Report on
Business magazine offers readers insightful, award-winning coverage of
Canadian and global business and economics and is available with copies of The
Globe and Mail and online at www.reportonbusiness.com/magazine. The Globe and
Mail is a division of CTVglobemedia, a dynamic multimedia company that also
owns CTV, Canada's leading private broadcaster.
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