While it’s fine to quote a professor from Yale, visitors to CREW are quick to point out that these so-called experts aren’t living in the region and don’t have a first-hand view of things.
So, we went to St. John’s advisor Joe Riche to get a closer view on the situation out east.
“There’s definitely a distinct feeling that some of it is slowing down,” says Riche. “I don’t have any specific clients who’ve yet lost jobs but what they’re basically telling me is that a lot of these bigger projects are either being cancelled or postponed.”
Worse still, many of these projects might never go ahead which could put some of his client’s job security at risk.
“It’s a fair statement to say that the impact of lower oil prices has more of a negative impact [in Newfoundland] than the extra discretionary income by savings in gas prices. It’s fair to say real estate across the board is coming down here. Houses just aren’t selling.”
Should advisors in the Maritimes be worried?
Well, things could get worse before they get better. Fortunately, Maritimers are hearty folk and have weathered plenty of economic hardship.
Advisors like Riche will do just fine.