Economy will be hit hard by oil price slump

Canada's economic outlook has deteriorated significantly over the past few months. With energy prices showing no signs of a rebound, oil producers have slashed plans for future investment and employment. A downturn in housing also appears to be underway, although the two most overvalued markets - Toronto and Vancouver - are yet to crack. We now expect GDP growth to be only 1.5% this year and foresee a further slowdown to only 1.0% in 2016.