![]() ![]() Rather, fewer respondents to the monthly Labour Force Survey said they were actively looking for work. The unemployment rate did drop to 5.2 per cent but it wasn’t because of a resurgence in hiring, explains Financial Post editor-in-chief Kevin Carmichael. The jobs numbers came out on Friday, showing little change in September. Mark Zuckerberg delivers keynote at Meta Connect developer conference ![]() Jean Yves Duclos, Liberal MP for Quebec and minister of health, will announce federal funding for seven businesses-Ai Genetika (BioTwin), Devoray, Femtum, LumIR Lasers, SIMCO Technologies, Medscint and Hector-for their growth, innovation and capacity building projectsĭan Vandal, Liberal MP for Saint Boniface - Saint Vital, minister for PrairiesCan, minister for northern affairs and minister for CanNor, will announce funding for businesses and organizations across rural Manitoba Minister of Jobs, Economic Recovery and Innovation Murray Rankin, Minister of Indigenous Relations and Reconciliation Regional Chief Terry Teegee, and representatives from the British Columbia Assembly of First Nations will make an announcement about First Nations economic development Saskatchewan Premier Scott Moe will release a policy paper outlining the economic impacts of various federal policies on Saskatchewan, as well as options for next steps to protect Saskatchewan from federal intrusion into areas of exclusive provincial jurisdiction International Monetary Fund releases World Economic Outlook and Global Financial Stability Report RBC expects the province’s strong economy, a rebound in in-migration and the relative affordability of the market, to continue to fuel housing demand here for the time being. Calgary stands out amid the weakness seen in other markets, with sales remaining above pre-pandemic levels and close to the previous all-time peak. Some areas of the country, however, are holding their own, Hogue said. September’s sales were the lowest in seven years, excluding the spring 2020 lockdown. Sales were down 10 per cent in August from the month before and an estimated 6 per cent in September, compared with an average drop of 1.7 per cent per month between February and July. Sales in Toronto fell 11 per cent from the month before to the lowest level since 2009, excluding the lockdown in the spring of 2020, said RBC assistant chief economist Robert Hogue in a report last week.Īnd in Montreal the market correction is gaining speed, he said. They have also downgraded their housing price forecast and see prices falling by more than 11 per cent in 2023.Įvidence that the bottom for housing markets is still a ways away showed up in early reports from local real estate boards as sales and prices fell broadly across Canada in September. ![]() They now see home sales bottoming out 20 per cent below pre-pandemic levels by early 2023 and staying subdued for the rest of the year. Here Capital predicts a peak to trough price drop of about 20 per cent, the deepest among advanced economies except for New Zealand.Įconomists at TD are also raising their rate forecasts and downgrading their housing outlook. The higher expectations for interest rate hikes climb - and they are climbing - the bleaker the outlook for global housing markets gets.Ĭapital Economics has revised its forecast for the peak in interest rates for major developed markets upwards by 50 to 100 basis points, and now expects rates to peak at between 3 and 5 per cent.Įven higher rates will put more pressure on housing markets, and Capital now expects bigger price drops in some of the more vulnerable markets, including Canada. ![]()
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