Newfoundland and Labrador Premier Andrew Furey Elvis Loveless, NL minister of transportation and infrastructure Andrew Parsons, NL minister of industry, energy and technology and John Hogan, NL minister of justice and public safety, will be available to media to provide an update on recovery efforts in response to the impacts of hurricane Fiona.The Real Estate Board of Greater Vancouver releases data for September.“But the immediate impact has been to boost rental growth at a time when the bank is chiefly concerned about inflation expectations, arguably putting more pressure on the bank to tighten, not less. “The accepted wisdom is that strong immigration reduces the pressure on the Bank of Canada to raise interest rates, as it will eventually help to ease labor shortages,” Brown said in his investor note.
That, in turn, has created an acute shortage of rentals and a new affordability crisis. Higher rates have deterred prospective buyers, causing some to opt to rent instead.Īlmost 20 per cent of Canadians who were poised to purchase a house this year have put that plan on the back burner, and almost one-third (29 per cent) of 18-34 year olds said they had “postponed” buying a home, ” according to a new report by Royal LePage. The real estate market has been put on its heels of late with sales and prices falling nationally. In the short term, Brown expects immigration will likely put pressure on Canada’s housing market.
The cost of living has shown signs of moderating, but Brown said, in an email elaborating on his note, that the central bank will have to keep hiking to address high job vacancy rates and rising wages. The Bank of Canada has raised rates five times since March to 3.25 per cent, from 0.25 per cent, to battle decades-high inflation. But with job vacancies soaring to almost one million open positions in the second quarter and baby boomers retiring en masse, “high levels of immigration will be even more critical to the labor market,” Statistics Canada said.īrown is thinking along those same lines, but regarding how that will interact with interest rates.
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Immigration has been one of the main drivers of Canada’s economy, accounting for almost all the nation’s employment growth. Justin Trudeau’s government earlier this year unveiled a plan to add more than 431,000 permanent residents in 2022, 447,000 in 2023 and 451,000 in 2024.
This advertisement has not loaded yet, but your article continues below. Immigration accounted for 95.4 per cent of the country’s population growth in the quarter. Immigration to Canada has been on a tear after falling off a cliff during the pandemic, with 269,305 international migrants arriving in the second quarter, the highest level since the start of record-keeping, according to Statistics Canada data released last week. “The longer-term effects of strong immigration do at least support our view that the bank will be able to reduce interest rates sooner than many of its peers, as wage growth drops back quicker than elsewhere,” Capital Economics economist Stephen Brown said in a note. Please try again Content itemĪ record flow of immigration could allow the Bank of Canada to start cutting interest rates before its “peers,” according to a report from Capital Economics. The next issue of Financial Post Top Stories will soon be in your inbox. If you don’t see it, please check your junk folder. This is a full-time position, with the hours of work between Monday to Friday 8am to 5.30pm and Rostered Saturdays 8am to 11am.A welcome email is on its way. To be successful in this role you will have strong communication, an active listener, excellent time management, good computer knowledge, problem solving skills and the ability to think outside the square to get the job done! We are seeking self-motivated and experienced phone-based customer service professionals to join our newly created North Harbour Contact Centre team. Here at Post Haste Group we have established a strong and dynamic presence within the Express Parcel industry with our three exceptional brands, Post Haste, Castle Parcels and Now Couriers, developing a reputation for looking after our customers and staff alike.
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