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As a result, consumer debt levels are reaching unprecedented levels at the same time interest rates are rising. The troubling part is that the Bank of Canada appears to have lost control over the bond market with higher bond yields impacting mortgage rates.

Thankfully, oil prices have recovered but we think it won’t be enough to offset what appears to be a topping out of the real estate market. This is because increased regulatory restrictions, a lack of pipeline infrastructure, and an industry with a poor track record of rewarding foreign capital means we are, as always, unable to leverage the current momentum in the oil market.

Academia keen on getting their fair share

The benefit of having a strong and independent academia is that we get to explore innovative ways of growing our economy while protecting our environment. The problem though is whenever “our fair share” gets introduced by those touting certain areas of “unfairness” within industry, despite having a defined benefit pension plan and a tenured position themselves.

This happened in Alberta during the Ed Stelmach days with his disastrous New Royalty Framework, and it is happening today with all kinds of academic-introduced and government-supported policy including the recent focus on small businesses.

Instead of competing among ourselves, we need academia, industry and government to come together and find ways for Canada to command a greater percentage of foreign capital and become a leader for responsible economic growth. That said, this means putting the flags down and asking ourselves how we can do better.

Maybe this will finally put an end to the days of flat equity market returns and an underperforming currency.

Martin Pelletier, CFA is a portfolio manager and OCIO at TriVest Wealth Counsel Ltd, a Calgary-based private client and institutional investment firm specializing in discretionary risk-managed portfolios as well as investment audit and oversight services.