ST. JOHN’S, Nov. 3, 2010 - Is Canada’s large and growing household debt a crisis?
Action Canada will host a public forum on November 5th, 2010 in St. John’s, Newfoundland to examine the growing crisis brought on by historically low interest rates, easily available credit, relaxed Canadian Mortgage and Housing Corporation guidelines, and a relatively stable economy.
“Canadians now have the highest debt to assets ratios in the OECD,” said Derek Dunfield, an Action Canada Fellow hosting the public forum. “Cooling housing markets or modest increases in interest rates will make these debt levels unsustainable. Experts predict that this could put Canada’s economy at a level of risk that could rival the US sub-prime mortgage crisis.”
The public forum, entitled “Debt Crunch: The Looming Crisis for Canadian Households“, will examine how Canada’s recovery from the recent economic recession and the financial well-being of Canadians is threatened by unsustainable levels of household debt. It will take place on Friday November 5, 2010, from 9:30 to 11:30 AM at the Suncor Energy Fluvarium in St. John’s. It is being held in co-operation with The Harris Centre at Memorial University and the Memorial University Students’ Union.
This free event will include an expert panel discussion moderated by Canadian broadcaster Mary Lou Finlay, former host of CBC Radio’s “As It Happens” radio program. The panel will include Dr. Wade Locke (Professor of Economics, Memorial University of Newfoundland), Al Antle (Executive Director, Credit and Debt Solutions), and Neil Mohindra (former Senior Economist, Fraser Institute).
The Action Canada Fellows organizing this forum will use its findings to develop policy recommendations to be presented to the Canadian Federal Government.
Action Canada is the only Canadian fellowship that offers both senior leadership development and cross-country conferences to enhance an understanding of Canada and public policy choices for our future. Fellows are chosen from all sectors, including business, science, government, academia and the professions.
The event is free and open to the public. Tickets are not required, but an RSVP is encouraged. Space is available on a first-come, first-served basis. Action Canada Fellows and the panel experts will be available for interviews. For further details on the Public Forum, visit www.debtcrunch.ca. For more information on the Action Canada fellowship, visit www.actioncanada.ca.
For further information:Contacts:
857-224-1446 or 613-888-1579
Kulvir Singh Gill