Canadian businesses are getting used to the lock down, but things are still going to get worse. Canadian Federation of Independent Business (CFIB) data shows an improvement of business sentiment in April. The improvement is still relatively mild, as most small to mid-size enterprises (SME) prepare for more layoffs over the next few months. About […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canada Loses Over A Million Jobs, And Participation Drops To 1983 Levels Canadian job losses are soaring, and a lot of people are permanently leaving the workforce. The unadjusted rate of unemployment came in at 8.4% in March, up 42.37% from […]
Canadians knew they were in for a whopper of an employment report, but most didn’t expect these numbers. The Statistics Canada (Stat Can) Labour Force Survey shows a historic drop of employment in March. Job losses for the country came in at roughly double what analysts were expecting. Digging deeper into the data, we also […]
Canadian insolvency filings have been pushing to new highs recently. Office of the Superintendent of Bankruptcy Canada (OSB) data shows insolvencies rising quickly in February. Filings over the past year are now at the highest level since 2010, with growth accelerating… and this is before the pandemic was declared Canada Insolvency Filings Reach Highest Level […]
Canadian households didn’t need incentive to borrow, as credit growth was already accelerating. Bank of Canada (BoC) data shows the outstanding balance of household debt reached a new high in February. The rise of debt was due entirely to inflating mortgage balances. Consumer credit, the other major segment, continued to nosedive – printing a second […]
Canada’s restaurant apocalypse is bad, and about to get a lot worse in the next few weeks. Restaurants Canada estimates the industry lost 800,000 jobs in March, and a tenth of restaurants have already permanently closed. The organization is forecasting Canada will lose almost a third of restaurants by month end. Why Do You Care? […]
Canadian debt is becoming very cheap, very rapidly – and it’s not a great sign. Bank of Canada (BoC) data shows the effective interest rate paid by households fell to a monthly year low on March 20. The decline from a year ago is the fastest we’ve seen rates drop during this period, since the […]
Canada’s economy was sputtering before COVID-19, but last week’s job losses are unprecedented. The Federal government now estimates 960,000 jobless claims were made just last week. The number of claims for the week is higher than any monthly tally in Canadian history. The weekly bump is around 5% of the workforce making the unemployment rate […]
It was a slow holiday, but Canadian seniors are back to tapping their home’s value for cash. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in January. The new high came with a sharp acceleration in growth, but the rate is in line with historic numbers. […]
Time for your cheat sheet on this week’s most important stories. Canadian Real Estate Canadian Interest Rates Are Falling, But Fear Is Driving Mortgage Rates Higher Canadian interest rates are dropping, but many mortgage rates are rising. For example, RBC increased its 5-year fixed for conventional mortgages from 2.94% to 3.34% on March 18. TD […]
