Now that we know our weak points, growth in this country will likely be focused on key areas:
It’s been an entire year since the first reports of a rapidly spreading respiratory virus graced headlines all over North America. Since then, we’ve experienced loss, uncertainty, political friction and the list goes on. But through the trials, here in Ontario we’ve also become more resilient, pushed forward despite the pressure and, perhaps most importantly, we’ve begun to identify the parts of our system that need the most focus and development going forward in Canada’s future.
That being said, where do we currently stand? And what areas do we expect to receive the most financial attention as we charge into 2021 – later in a year where COVID-19 is no longer an unknown enemy but instead may become a new hurdle that we learn to live with.
Canada’s Top Four Pain Points
In recent years, the issue of inequality has only become more prevalent. Now that the government is dealing with this crisis as a political issue, this may accelerate the discussion and development of four pivotal pillars of social support:
- National Pharmacare
- National Childcare policy
- National Seniors Care Policy
- National Minimum Living Wage
Never before have the topics of general health, safe childcare for all working parents and dignified treatment of our treasured elders been more relevant. As the Baby Boomers continue to age, the burden of prescriptions and other treatment costs weighs heavily on individuals. Parents are seeking relief from months of uncertainty around lockdowns, regular school attendance and beneficial extracurricular programs. Families with ageing loved ones are looking for establishments they can trust when it comes to compassionate care of Ontario’s elderly.
Expect the nation’s political parties to centre around these critical issues — issues that have come to the forefront of many of our lives.
Where is the Wealth Going?
The pandemic response has continued to impact the most vulnerable of Canadians in terms of employment. The largest effect thus far has been the uneven distribution of unemployment for the lowest wage brackets including hourly paid service workers, Ontario’s youth, older workers, immigrants and the working poor. While we can take some comfort in the fact that Canada is at the top of the pack for income social mobility, more needs to be done to help stabilize these groups and promote growth opportunities for workers who have watched their jobs disappear in a post-COVID world.
For those with investment portfolios, Canada’s future could prove to be less rocky. Thus far in this recession, there has been no sizable negative wealth effect. Now that there is more certainty in the political climate south of the border, we anticipate a return of stability in the stock market. With the election no longer adding turmoil to the continent’s day-to-day dealings, energy should be funnelled back into lower income brackets to help promote a healthy economic future for all.
Invest in the Future
As a reaction to the suffering seen in both Ontario and the nation as a whole, we anticipate there to be increased investment in infrastructure for long-term care facilities and senior living. When it comes to providing for our ageing citizens, we must do better. It’s also likely that more industrial space purposed for fulfillment and medical spaces will be developed to accommodate more of the population in an accelerated manner.
The WFH (Work from Home) trend has proven it is more than a passing phase and is gaining long-term traction due to convenience, safety and flexibility related to childcare. Because of this, we will see a decrease in the investment in shopping centres and office space going forward. Many of these facilities may find themselves repurposed as medical spaces, condominiums, senior living communities and last-mile fulfilment distribution. While brick & mortar shopping centres lose their appeal, complexes with large grocery stores as their staple will likely survive.
Head into Your Future with Confidence
At Buckley Mortgage Team, we don’t claim to know exactly what’s going to happen in Canada’s future during the coming months. However, with decades of experience on our side and a focus on current events and developments in Canada, we’ve placed ourselves in a prepared position as we move ahead in 2021. If this is the year for your family to make big changes, look to us to guide you through with innovative home mortgage options and advice. We embark on your mortgage journey as if it were our own.