The withering jobs market

The recently released Manpower Employment Outlook Survey for the second quarter of 2009 shows hiring intentions in Vancouver taking a massive 12% drop.

Hiring intentions in other areas of Metro Vancouver, such as Surrey and Burnaby-Coquitlam, are also headed down, but not as steeply as the 12-percentage-point decline forecast for Vancouver.

The net employment outlook for Western Canada was +8 per cent, 10 percentage points below the outlook for the same period last year.

For Western Canada the steepest decreases in hiring outlooks are reported for the wholesale and retail trade, by 32 percentage points, and the construction sector, by 24 percentage points.

Are you or someone you know currently looking for work in Vancouver and finding job oppourtunities scarce, or is this just pessimistic sensationalism?  If you are seeking employment, what’s the best way to find work in Vancouver; do you send off a raft of resumes, stay glued to craigslist or just sit by the phone waiting for your extensive network of contacts to send work your way?

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Arwen
Arwen
11 years ago

My husband's been laid off twice in a year – both times in big department wide layoffs. He's a tech. The second time was a full studio closure.

We're doing some consulting now. Hiring freezes are everywhere but lots of people still need work done; computers still break and need to be fixed.

read on
read on
11 years ago

get a job in another field, if you can.

such is life.

Ian
Ian
11 years ago

I'm in the tech sector. My contract ended at the end of August, and I haven't been able to find work since then. There are lots of jobs advertised, but they are looking for very specific skills, and don't match what I have. My EI will run out in May, after which I'm not sure what I'll do.

Anonymous
Anonymous
11 years ago

This mess is the bull's fault.

markx
markx
11 years ago

observer: That weakening of RE foundation has occured, over the past 5 years. This bubble has last long enough that the market WILL overcorrect. Historical fundamentals are certainly not a bottom this time around, as the entire economy has shifted into RE bubble economy. Price/income ratio WILL drop below historical norm, as labor participation rate drops below historical norm, and the economy struggles with structural misallocation of human capital.

adavar
adavar
11 years ago

Put those SUVs to good use john. Start a fleet of delivery vehicles for all that pepproni.

Just think. Your own pizza delivery, minus the cheese, sauce and crust.

I'll take three larges.

john
john
11 years ago

I see no job loses in any of my businesses. If you work in any of my peperoni plants or sell my SUVs you are safe. If you don't well you should come and buy some pepperoni!

anonymous
anonymous
11 years ago

Patriotz-a middle aged man living in a basement suite. Enough said.

question
question
11 years ago

My friend bought a 1500 sq ft townhouse a bit east of science world for 600k. Was it a good buy? Vote this up if you think so. Vote it down if not.

patriotz
11 years ago

observer:

Bears hoping for a dramatic overcorrection to happen should not hope that sales drop too quickly at this point in time.

This bubble has been going on arguably from about 2003 or so. A huge cohort of buyers has bought in at inflated prices – vastly more than during any previous RE bubble in Vancouver. Whether prices take a year, two years, or three years to revert to fundamentals will make little difference in the long run. Disposable income and the move-up RE market in Vancouver will be crippled for well over a decade.

And I will say again it doesn't matter what anyone hopes for, because what happens has nothing to do with what one hopes for. If the bears had got what they were hoping for there would have been no bubble in the first place.

pricedoutfornow
pricedoutfornow
11 years ago

The thing about Vancouver and BC in general is that the employment losses sort of come at a dribble, 200 here, 100 there, 30 there etc…since most businesses are small businesses. It's nothing like the attention-grabbing headlines of Ontario where they can lose several thousand good-paying jobs in one fell swoop. Here things sort of go at a trickle, so we're not likely to attract the attention like the East, so we're unlikely to receive any additional benefits from the govt (anyone heard of bailout for forestry workers, anyone?) Sad, but true.

anonymous
anonymous
11 years ago

Observer, don't worry, Drachen says the war is over. Sort of like George Bush on the aircraft carrier in 2003.

observer
observer
11 years ago

Bears hoping for a dramatic overcorrection to happen should not hope that sales drop too quickly at this point in time. Here is my reasoning. If it happens sooner rather than later, the property owners affected will be more of the sort who bought a while ago and hence should theoretically have built up some equity and have more ability to absorb the drop in prices. They simply lose their profit. As long as they didn't blow it all on SUV's and flat screen TV's, nothing is really lost, except some pride (if you ask me, there are many instances where a good dose of humility is long overdue anyways). If the correction lingers, it is more likely that these fools will be replaced by greater fools who are buying close to peak and would hence have less cushion to… Read more »

patriotz
11 years ago

prophet:

when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see money flowing to those who deal, not in goods, but in favors –Ayn Rand, Atlas Shrugged (1957)

Sound like anything happening today?

Yes sounds a lot like the banking industry.

Who did Alan "see no evil" Greenspan used to pal around with in his youth?

Drachen
Drachen
11 years ago

Twice the rate means per capita truthin, so it's not two million but 200k for Canada.

Anonymous
Anonymous
11 years ago

blueskies: that's too common since 5 months but 15 is totally opposite,It's a different this time.

truthin'adverti
truthin'adverti
11 years ago

Micheal Ignatieff, Leader of Her Majesty's Loyal Opposition stated today,

" Right now Canada is losing jobs at TWICE the rate of the United States".

OK, if the government knows this then why isn't it being reported in the press?

They are expecting to lose 1,000,000 jobs in the US in March. If Mr. Ignatieff's advisors are right then we're in for one king hell of a time this side of the border.

blueskies
blueskies
11 years ago

SFH lowest sold under list @-30% today.

Anonymous
Anonymous
11 years ago
other ted
other ted
11 years ago

I have to confirm Jesse's assumption about who is buying. I think he is bang on. The only person I know who recently bought was my sister. She is a teacher her husband in the medical field. I would say they are oblivious to how the real economy works.

Vancouverboom2
Vancouverboom2
11 years ago

Future is my friend *Freezing of money flow squeeze(bears've been doing that)ok freezing of money flow squeeze employers to cut jobs and releasing of money flow encourage employers to hire more staff,When realtor and stock market agents go back to work every one else will go back to work by following month. *KFC to cook up 9,000 jobs *"The Province will face a labour shortage of 160,000 workers by the year 2015.That means B.C. needs to create policies to increase its supply of workers by encouraging the participation of youth, immigrants, women, mature workers, aboriginal people and the disabled in the workforce".-Confrence Board Of Canada. *The maker of Blackberry phone handsets, Canada's Research In Motion, said it was recruiting 3,000 new workers to keep pace with demand despite the global economic crisis. * Buy a home or encourage your friends… Read more »

read on
read on
11 years ago

2012 the end? excellent, off to get me some more credit cards !

Chilled
Chilled
11 years ago

Realestatecrack – good posts, good information. Thanks.

NO -LYMPICS
NO -LYMPICS
11 years ago

Post # 35 realestatecrack:

Much like the media and associated RE types have muzzled and kept quiet, my guess is that eventually buyers will catch on that more and more bargains will abound.

Someone posted about the Nortel stock crash,

and how people were buying it when it went south of $100, thinking it was a bargain at say $80…then $70…not realizing it was sinking. I guess if everyone was educated and informed to the same level… no one would buy right now till bottom was reached, (hence the need for greater fools to slow the inevitable ?)

It's like an auction on the Titanic… the bidding starts higher when you strike the iceberg, but lowers later on? …versus why bid at all ?

Anonymous
Anonymous
11 years ago

Real incomes in Vancouver have been falling for years.

The last couple of years things heated up for a while, but wages are about to fall off the cliff once again.

Construction, and gov jobs have skewed the nummbers