MEDIA: CBC News Network Weekend Business Panel (April, 2018)
The Winnipeg Whiteout made an appearance on the CBC News Network Weekend Business Panel this past Saturday. It was great to be alongside Elmer Kim and John Northcott to discuss the week in business. We chatted about:
- Millennials Delay Home Purchases, While Budgets Shrink and Rates Rise: Research reports and surveys are finding that, although millennials have an interest in purchasing a home, the majority lack the financial resources to do so. Mortgage stress test rules and income levels that have been slow to increase haven’t helped matters.
- Canadian Markets Close Early Due to Technical Problems: All markets operated by the TMX Group closed early on Friday due to a technical glitch; the TSX, TSX Venture Exchange, TSX Alpha Exchange, and Montreal Exchange all stopped functioning around 1:37 PM Eastern time. What are the implications for our financial and other systems, given their significant reliance on technology?
The topic of housing and millennials is one that could be discussed at length. Although Canada’s housing market has generally seen significant price and inventory increases over the past several years, the path to ownership for millennials is impacted by a number of issues. Rising prices and new mortgage stress test requirements represent challenges, however, so do the relatively slow increases in wage levels, impacted by a number of factors, including changes in workforce requirements and the potential for lagging career advancement rates, as Baby Boomers continue to hold onto senior roles and remain in the companies that they own. Millennials also have a high level of interest in areas such as travel, lifestyle experiences, and luxury goods and services, making home ownership less of a priority for some.
Technology risk in large systems, such as finance, utilities, security, and information, is an area of increasing importance. As we discussed on the Business Panel in December, 2017, concerns around the protection of information systems, including hacking, is a significant issue that is not yet fully addressed by many organizations. Although the TMX situation has been reported as not being related to a hack, the concern relates to how integral these systems have become to our everyday lives. Companies need to ensure that there are sufficient resources, checks, and balances in place to manage risk, and the urgency to do so is immediate.
A video link of the Weekend Business Panel is available here, including an appearance of the Winnipeg Whiteout. As a lifelong Winnipeg Jets fan, I’m pleased to encourage everyone to join the legendary Winnipeg Whiteout, wherever you might be. I would also invite you to check out Project 11, an important wellness initiative that means a lot to us here in Winnipeg.
Go Jets Go, and see you again soon, CBC!
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