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Economic Viewpoint

Desjardins Provincial Outlook: Housing versus Commodities

January 24, 2023
Marc Desormeaux, Principal Economist • Hélène Bégin, Principal Economist

We still expect that few provinces will avoid the growth‑dampening effects of rising interest rates, elevated inflation, rapidly correcting housing markets and a deteriorating global backdrop this year. The provinces most exposed to the housing market will likely fare the worst during the coming Canadian recession. In contrast, jurisdictions reliant on commodity production—Alberta, Saskatchewan, and Newfoundland and Labrador—face the best prospects.