Recessions are a standard part of all economies, and in most cases, they are unavoidable. The government officially declares a recession when a country’s gross domestic product (GDP) declines over two consecutive quarters.
And while you may read different accounts of where the Canadian economy is at today — it’s essential you start planning for a potential recession so you can protect your most important asset: your home.
Keep reading to learn how to make yourself “recession-proof” in 2023.
Economists are predicting that Canada will have a short recession in early 2023. They anticipate a decline in Canada’s GDP in the first two quarters of the new year.
Four main factors contribute to a recession:
If Canada gets hit with a 2023 recession, you can weather the storm by planning early for anticipated challenges and preparing yourself for the future in the case of financial hurdles like a recession or a job loss.
Our very own Amy Flowers shares five strategies for preparing for a possible 2023 recession:
When a recession hits, no one knows how long it will last. The general rule is to have three to six months of cash saved to pay for your basic living expenses.
To get a handle on your financial situation, ask yourself the following:
Credit cards traditionally have high-interest rates, so as inflation hits and your expenses go up, it’ll be harder to manage that debt.
With a recession comes significant layoffs. So update your resume and be ready to reconnect with your professional network. Sometimes it’s all in “who you know”.
Boost your skills with additional training to make yourself more valuable to your company. This can help deter them from laying you off or bolster your credentials in another field.
While no job is guaranteed, job security tends to be higher in these sectors:
Recessions hit everybody hard with higher expenses, the possibility of unemployment, and sacrificing the luxuries of life. But being adequately prepared turns a stressful situation into a more manageable life occurrence.
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Consistently ranked among the elite Top 10 teams in Ontario (for 7 years) and Top 10 in Canada out of more than 20,000 Royal LePage agents. This standing reflects our high transaction volume, local market dominance, and proven track record of getting superior monetary outcomes for our clients.
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