As the Chinese GDP decline continues, the North American real estate sector will suffer. So far, many urban centers across North America have been building up condos and houses for upper middle class and wealthy Chinese families to purchase, driving the real estate speculator market up and up, making the prices so inflated that very few locals could entertain the idea of purchasing property in their home city. As Chinese GDP declines, the wealthy Chinese will be purchasing less properties across North America, thereby forcing builders to turn to more affordable properties and better payment plans to allow the average North American young families to buy homes in urban centers. This is good news for us locals, and I hope it continues. The price of properties has to be pinned to local incomes, not international buying power.
Now, why does this matter in relation to Canadian entrepreneurship? Well, it matters because we are starting to see local manufacturers and artisans rise up. How? Well, they get ingredients from around the world and locally, machines from China, and they make the final product in Canada, making it easier to confidently ship the product and control its quality. Want custom clothes? Made in Canada with Chinese machines. Want an engraved item? There's a Canadian business using a Chinese made laser engraving machine. Excellent furniture and cars are made outside of China, and more often locally too. There we have it, dearest readers. China made a mistake of thinking we are going to need it no matter what. The no matter what part is a mistake because we will not be blackmailed in search of bargain basement prices. If something is cheap but has strings attached, we are not into it any more and this sentiment is growing. This will give rise to talented, capable local businesses. They will be buying ingredients and machines from around the world, and the finished product will be local and have enough quality to meet our standards.
Have you noticed this already happen in your area? Let me know in the comments section :)