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Unemployment is surging in Canada because of the coronavirus pandemic, and as a result the lessened buying power is shrinking Canada’s markets. Unemployment is rising in both the private and public sectors, and the drop in employment in the private sector is the most worrying. This is making the market closures due to coronavirus even worse, and is affecting the housing market in several different cities. Out of Montreal, Toronto, and Vancouver, Montreal is the most severely affected.

Key Takeaways:

  • Unemployment due to the coronavirus is having a drastic effect on the Canadian markets.
  • Unemployment rates are increasing due to mass layoffs because of the effect of the coronavirus pandemic.
  • The higher rates are influencing housing markets in Montreal, Toronto, Vancouver, and more.

“Of particular concern is the sharp drop in employment in the private sector (down 6.7%), which was at a rate nearly double that of the public sector (down 3.7%).”

Read more: https://www.canadianrealestatemagazine.ca/news/reduced-purchasing-power-more-apparent-in-canadas-largest-markets-329115.aspx

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