I recently participated in a conference call with Scotiabank’s Chief Economist & SVP, Jean-Francois Perrault and John Webster President & CEO Scotia Mortgage Corporation. It was good to hear real financial experts make sense of what has happened and what will most likely happen.
Here are of some of the highlights:
Back in March, the big question was how long would this last? Having settled into a new normal there is more certainty about future outlook than when COVID-19 first hit in February and early March.
In an initial response, the government locked down the country to reduce the possible number in covid cases. This created tremendous layoffs… at one point there were over 8 Million Canadians on CERB out of 20 Million workers, I repeat 8 Million out of 20 Million workers. Let that sink in for a minute. It is clear financial support that has been provided to canadians during covid far exceeds anything we’ve ever seen. This has helped to sustain loan and mortgage arrears…