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The Canadian economy is able to deal with the challenges posed by large movements in resource prices, Bank of Canada Governor Stephen S. Poloz said today.

In a speech at Calgary Economic Development’s 2016 Economic Outlook event, Governor Poloz said that it’s far better for Canada to have natural resources than not, even if swings in their prices can complicate the management of companies and economic policy.

“Even when prices are falling, as they have been recently, our endowment represents a store of value and a source of future riches,” the Governor noted.

The fundamental forces of supply and demand, along with constant technological progress, drive long-term cycles in resource prices, Governor Poloz said. “Why did oil prices fall so much? The main reason is that supply rose sharply, thanks primarily to technological advances in oil extraction everywhere,” he said.

Lower oil prices do not mean that recent investments, which may last for decades, were a mistake, the Governor stated. “Without those investments, we would never have been able to capitalize on those higher prices, which boosted Canada’s aggregate income.”

Still, swings in prices signal that economic adjustments are needed, Governor Poloz said. They also require businesses and policy-makers to be flexible in the face of volatile resource prices and an uncertain future. “Canada has seen this movie before,” he said. “We’ve managed it well in the past, and I’m confident we will continue to manage it well in the future.”

These adjustments are often difficult and painful for the people affected and their families, the Governor said. The Bank of Canada’s policy framework of flexible inflation targeting with a floating currency helps smooth the process, he pointed out.

“We’ve adjusted to rising prices; we can adjust to falling ones,” Governor Poloz said. “Over the years, Canadians have used our endowment to build a prosperous economy. We will continue to do so.”

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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