Comment 97998

By The Economist (anonymous) | Posted February 27, 2014 at 01:12:40

Here is the real reason for the improvement.
Forget about Hamilton's natural advantages. They always existed and we were still down in the dumps.
The real reason is a period of sustained low, very low, interest rates together with record migration of people into Toronto that has now spilled over into Hamilton.
Low interest rates fueled a housing boom.
Prices in Toronto hit the roof.
People are moving to Hamilton for affordability.
Low interest rates have allowed the economical building of new condos and the renovation of old buildings.
The flip side is - beware of higher interest rates.
It could do to Hamilton what it did in the 80's & 90's - bankruptcies, foreclosures, higher taxes, blight, flight from Hamilton.
Stop patting ourselves on the back.
We did nothing innovative but respond to the low interest rate phenomenon.

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