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Experts predict economy will remain much unchanged in 2015 continued from p.4 "It's a good momentum. The U.S. economy often does well when other parts around the globe are doing less well. The U.S. dollar is strong and that's been alongside the low oil price... a big lift for the U.S. growth forecast," he said. Regarding low oil prices, the best cure is for it to remain that way, Wright said, adding it is reactionary to supply and demand. "As we've seen oil prices come off, supply will be getting cut back as we move forward. There are a number of countries that produce oil, but everybody consumes the output of it, so it is generally net-positive for the global economy," said Wright. "The economics of oil suggests that as we move forward, we should see a bounce back." With the reduction in oil and gas costs, it is believed Canadian consumers are saving upwards of $15-20 billion, Wright noted. "Consumer spending is getting a bit of support, alongside the job gains. We're looking at reasonably-balanced growth in Canada as we move forward," said Wright. The RBC chief economist said interest rates will go up eventually and are still projected to increase this year, but that's at odds with the Bank of Canada's forecast. "We think the banks should be moving rates higher, but modestly as well. So by the end of this year, we will have interest rates at 1.5 per cent. A modest rise from near emergency lows in "Oakville is a very, very interesting story. It's the consistency in these markets that has been absolutely breathtaking." A moderated Q-and-A period with submitted questions from the audience followed the presentations. One of the inquiries dealt with the recent drop in the Canadian dollar value and where Wright expects it to be at the end of 2015. While his presentation avoided a currency forecast, Wright's response didn't offer any hopes of a full recovery soon. "You're looking at continued low levels. It's a U.S. dollar and an oil story. We could see a bit of a bounce as we move through, but probably more into the mid-part of the year," said Wright. "At the end of the year, we're probably not going to be terribly far off where we are today." Another issue addressed was the drop in crude oil prices and how it could affect the housing market in the Greater Toronto Area (GTA). While lower energy prices are "almost certainly" a net gain in economic and trade terms, Poschmann said, the anticipated flattening of, or "even a negative overall," in housing prices is the result of balancing both supply and demand. "If we don't expect housing prices to continue to rise year-after-year-after-year, then eventually they won't," said Poschmann. 5 | Friday, January 23, 2015 | OAKVILLE BEAVER | www.insideHALTON.com Finn Poschmann Canada," said Wright. Poschmann said, "We've got a pretty positive outlook" provincially and regionally, noting an average annual growth in residential and commercial housing in Mississauga, Burlington and Oakville in the past five years. "The downtown (Oakville) area is really waiting for some pick up, both in retail and mixed-residential. Over time, maybe our local folks will choose to increase density, but only if we want to," said Poschmann. A STEP BEYOND IN CARE Do you have: Salima Kassam Reg. Chiropodist · Foot/Arch Pain? · Ingrown Toenails? · Diabetes? · Swollen Ankles? · Corns, Calluses? Call for an appointment 905-632-1414 728 Burloak Drive www.footandhealthclinic.com Skyway Jewellers FOR YOUR SPECIAL VALENTINE For our clients, their guests and prospective clients Lunch, Learn & Enjoy Estate Planning 101 Just Arrived! 2 LOCATIONS: Presented by: Sharon D. Davis, Partner Soble, Davis & Day LLP Barristers & Solicitors Tuesday, February 3 · 12-1pm 2501 Third Line Rd. Oakville 905.827.0700 South Oakville Centre 1515 Rebecca, St. Oakville 905.469.0520 Holiday Inn: 590 Argus Road, Oakville (Southwest of Trafalgar Road and the QEW) www.skywayjewellers.com RSVP 905.842.2100 ext. 2