Canada is scaling back its immigration mandate and notifying public servants of significant layoffs. Staff at the Immigration, Refugees and Citizenship Canada (IRCC) just received an email from the Government of Canada (GoC) warning of layoffs as early as next month. The cuts will amount to roughly the equivalent of 1 in 4 roles at […]
Canada’s work-from-home boom was a little too popular and has resulted in flight from big cities to more affordable suburbs. Now the governments and their agencies across Canada are facing pressure to bring workers back to the office. Canada Post’s non-operational staff in major cities are the latest being ordered back to the office for […]
Canada’s remote workforce has been breathing new life into small cities, but that may come crashing down soon. The Government of Canada (GoC) has ordered its remote workforce back to the office starting next week. The reasons cited haven’t been particularly strong, but the impact on big cities has been. Downtowns have been hollowed out […]
Canadian real estate prices have surged in almost every market, with a typical home price doubling in many regions. A median household in major cities like Toronto and Vancouver would need to save over 20 years for just the down payment, more than 3x the historic average. Seems absurd? The outlandish scenario was apparently a […]
Canada just announced billions in new measures to correct the housing issues it created. Last night the Government of Canada (GoC) released its latest budget, including billions in spending on new housing stimulus. BMO provided a list of the recent changes, noting they’ll have a limited impact, given most of the measures are demand stimulus. […]
Greater Toronto’s soaring prices got a lift from mortgage fraud at a major bank. Earlier this month investigative journalist Sam Cooper and The Bureau, revealed whistleblower allegations of a massive mortgage fraud scheme at HSBC Canada’s Greater Toronto operations. RBC acquired the bank shortly after the alleged incidents occurred, with the government approving the sale […]
Canada’s government is bracing for winter, and not the kind that brings fluffy white stuff. This week the Government of Canada (GoC) released its 2023 Fall Economic Statement. Buried amongst notes on higher deficit spending is a forecast for a sharp decline for labor. Unemployment is forecast to rise by hundreds of thousands of people […]
Canada’s new housing minister has only been in office for a few days, and already stumbled. In a Bloomberg Interview, Minister Sean Fraser pledged to make housing more affordable without lowering prices. He reiterated the housing-is-an-investment mindset, before dropping suggestions that would reinforce higher prices. Great news for investors. Not fantastic if you pay taxes, […]
Canadian immigration was slow through the pandemic but it’s now back with a vengeance. Government of Canada (GoC) data shows permanent resident arrival admissions soared in September. It didn’t just recover from the lull either. The number of arrivals in the month was the biggest number in at least a century. Canada Sees A Record […]
The Canadian bond market is sending real estate a message — credit is going to tighten. Government of Canada (GoC) 5-year bond yields hit the highest level in a year today. Yields for the segment are now triple the level they were last year. Since GoC bond yields influence mortgage rates, this will drive the […]
