Study: Toronto, Quebec economies to slow over next five years
While the financial sector in Ontario and Quebec has been moving at a fairly brisk pace, a new report indicates that the western half of the country will be Canada's economic leader over the next several years.
According to the Conference Board of Canada's Metropolitan Outlook study, the provinces of Saskatchewan and Alberta will serve as paragons for the country's economic vitality.
"Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report," said Mario Lefebvre, director of the Centre for Municipal Studies.
The study looked at 13 of Canada's largest metropolitan areas over the next five years. Among the findings, Quebec's economy is expected to expand, but at a slower rate than in 2010. Meanwhile, despite recent growth in Toronto, the firm says GDP will shrink 2.8 percent due to the government dialing back stimulus spending.
The study's projections may already be coming to fruition, as the Toronto Real Estate Board reported recently fewer home insurance and existing home sale purchases last month compared to April 2010.