9. 2009: Satoshi Nakamoto, an unknown computer programmer, invented bitcoin, the world’s first cryptocurrency. For years, it stayed under the radar, until it exploded in popularity during the COVID-19 pandemic, increasing by more than 600% in 2021. However, the wave of closures among cryptocurrency exchanges due to fraud and other crimes is scaring investors. However, bitcoin is now firmly in the mainstream. (See our best crypto platforms for accredited companies in Canada.)
10. 2011: Several European countries, especially Greece, ran into a debt crisis and were forced to take aid packages from other wealthy European countries and the International Monetary Fund, an international financial institution funded by 190 member countries. While Canada was on lockdown, our banking sector was watching closely for any spillover effect.
11. 2012: Growing concerns about Canada’s high mortgage rates and the impact they could have on consumer spending have pushed the Canadian government to introduce stricter mortgage regulations. The amortization period for insured mortgages has been reduced from 30 to 25 years, and mortgage stress tests are being introduced to consumers with a down payment of less than 20% to ensure they can cope with rising interest rates.
12. 2014: Global oil prices fell by nearly 70 percent in 2014, greatly affecting Canada’s oil-dependent provinces. Alberta was forced to cut oil production, which led to rising unemployment and falling housing prices. The Canadian stock market was also positively affected, with the S&P/TSX Composite Index falling nearly 20% that year.
13. 2016: As part of Canada’s climate strategy, the country began implementing carbon pricing. The 2016 Pan-Canadian Framework for Clean Growth and Climate Change required all provinces to set their own carbon price in place or use a federal carbon price, which increases over time. The policy remains controversial: critics say it raises prices for consumers, while supporters say it promotes clean energy.
14. 2017: Hoping to curb speculation and cool the overheated housing market, the provincial governments of British Columbia and Ontario are introducing their own versions of the foreign buyer tax in the cities of Vancouver and Toronto. The policy helped stabilize prices in the short term, but was vulnerable to many tax loopholes. The housing market continued to boom over the next few years.
15. 2018: Concerns were raised that if interest rates rose, Canadians with heavy debt would have to start cutting back on consumer spending to pay down their debt, which would hurt the economy as a whole. So the Office of the Superintendent of Financial Institutions (OSFI) extended mortgage stress testing to all consumers, which increased loan education standards.
16. 2018: On October 17, cannabis became legal in Canada. Legalization creates huge new investment opportunities in the cannabis sector. Many cannabis stocks have gone public and soared to record highs in anticipation of strong consumer demand—but when reality set in, those same stocks tanked. Investors who timed the market correctly—which was almost impossible—saw huge returns. For many others, the setback was a good lesson that slow and steady wins the race.
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