«
Despite signs of deterioration, affordability levels in Toronto remain close to their long - term averages, indicating that the cost of owning a home has not yet reached dangerously high levels in the GTA,» says Robert Hogue, senior economist, RBC.
On top
of the existing internal problems
of «lowflation,» shorthand for ultra-low inflation, weak demand and anemic credit growth, the
deterioration in the external backdrop over much
of 2014 — rising geopolitical tensions with Russia, and the slowdown
of the Chinese economy and many other emerging markets — has made a rapid return to meaningful growth across the eurozone unlikely, in our view,
despite some positive
signs, including the stabilization
of many peripheral economies and the boost in competitiveness from the weaker euro.