We’re in for a sluggish 2016 according to the latest economic outlook from the Conference Board of Canada. The effect of the lower oil price meant that the economy grew by 1.2 per cent in 2015 and is expected to see a 1.7 per cent increase this year.

"Although much of the recent weakness was contained to the energy sector, other areas of the economy, such as household spending, exports and manufacturing have failed to pick up the slack," said Matthew Stewart, Associate Director, National Forecast. "Stronger economic growth will not happen until next year when a recovery in the non-energy sector is finally expected to take hold."

Consumer spending will be up 1.9 per cent and will be curbed by concern over employment and high debt levels, the report says. Quarterly growth should see the nationwide economy avoid recession.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: