Export Development Canada vice-president and chief economist Peter Hall spoke at the CanaData East economic forecasting conference in Toronto on Sept. 21 about the economic outlook for both the United States and Canada.
Hall also spoke to the Daily Commercial News and said parents in Canada and the United States should "get ready to get their basements back" as millennials move out and take on their first houses and well-paying jobs.
He added while the American housing market has been undersupplied after the 2008 crash, Canada rode out the financial crisis relatively unscathed, and as a result the demand metrics across the border are significantly different than those in Canada.
Hall also said oil and gas will make money at current levels, as will mining, and expressed optimism that both resources will continue to slowly grow. He also expressed enthusiasm for the auto industry and said the agri-food industry has great potential given the growing demand from emerging markets.