A story published and aired by the CBC this week could provide an important forecast for the financial future of Canadians. According to the CBC's research, in 2020 Canadians put more than $212 billion into some kind of savings, for a rainy day, because of the conditions caused by COVID-19.
The significance of the impact is that in 2019 Canadians "socked away" $18 billion. That's just 8.5 per cent of the 2020 figure.
So, it's a reasonable to conclude that Canadians have a pent-up demand to spend. How that will impact the economy in general and real estate in particular is anyone's guess, of course, but the demand is being attached to a relatively new acronym: YOLO.
As in, You Only Live Once.
For the complete story, go to the CBC's website.