‘It’s a little uncertain’: Londoners react to Canada entering technical recession

As Canada slips into a technical recession, how are Londoners reacting to the news? CTV’s Sean Irvine hit the streets to find out.

The word ‘recession’ appears to be unnerving to many Londoners.

Within an hour of the Canadian economy falling into a “technical recession,” CTV News found that most people had heard the news and were alarmed.

“I’m surprised. I thought we were doing better than the U.S. anyway. I would expect them to be in a recession, not us,” said Craig, who declined to provide his last name.

Craig had joined others looking to quickly fill up their tank with gas after an overnight price drop.

Every little bit helps driver said as they live with higher costs for mortgages, rents, household repairs and groceries.

While out shopping with her young son, Fergus and her mother, Cathy, Rachel Vass agreed the economy is teetering on the edge.

“It’s a little uncertain for sure. But, I mean, we can only do what we can do. And everything is increasing as the world changes. It certainly seems to be the way,” she said.

Her retired mother feels fortunate that she could help if finances become a challenge for the next generation. Some of Cathy’s friends are already doing what they can to help their adult children cover the cost of housing.

“The young people can’t afford them these days. I mean, how are they making enough money to actually afford a mortgage and the cost of housing? I can’t believe it. We are just so lucky when we bought when we did,” she said.

Mike Beard is grateful that disability insurance is keeping him housed, even though the extra remains a struggle. Still, he told CTV News he worries about the stresses of others.

“I feel sorry for people, their attitude today, the money. I mean, the prices and spending are a lot more than they used to,” he said.

Back at the gas pumps, Shawn Smith was fueling up before resuming his search for a new job.

He said he is taking the word “recession” in stride.

“I’m not that worried about it, just yet, as I’ve seen many recessions,” he said.