Economic Inaction: Record low job growth in Canada

There’s not a whole lot of hiring going on across Canada at the moment.

For the last 15 months year over year job growth has been under 1 percent.  Apparently this makes it the longest stretch of such low growth outside of recessions in almost 40 years of record keeping.

Employers shed 1,000 positions last month, according to Statistics Canada, and the jobless rate rose two notches to a five-month high of 6.8 per cent as more people looked for work. Annual employment growth has hovered at about 0.6 per cent in the 15 months since December, 2013.

The last period of least 15 months of growth below 1 per cent was during the 2008-2009 recession, when often it slumped into negative territory, according to Statistics Canada.

It’s not all bad news though. While full time employment is not seeing gains temporary and self employment is growing:

In the past year, temporary employment has climbed 2.3 per cent while permanent positions are up 0.1 per cent.

Temp employment – which includes seasonal, contract and casual jobs, accounts for 12 per cent of the total. Self-employment has jumped 2.2 per cent in that time, public-sector employment by 1.2 per cent and that in the private sector by by 0.2 per cent.

Read the full article here.

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George
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George

From the Vancouver Sun:

“If housing prices continue to rise unchecked in Vancouver, the average detached home will cost more than $2.1 million by 2030 and require more than 100 per cent of the median household income to maintain, according to a new report from Vancity.”

http://www.vancouversun.com/business/affordability/Average+Vancouver+house+prices+million+foreseen/10917802/story.html

Loon
Guest
Loon
I had a friend that recently came back from Fiji and mentioned that HAM was buying up the high end inventory. We see this in Aus and other areas in the Pacific Ocean. I am working on a theory related to HAM RE spending, it is based on a circular area that sees a greater concentration of spending, ie The Ring of Fire. Van and SF fit nicely, but why not the Mexican coast? There must be a few qualifications that need to be ironed out. For example, language, safety, school/education, low (or high) corruption, weternization(?), societal factors and prestige, as not all areas are desirable – Papua New Guinea anyone ? Why am I doing this ? I’m trying to determine a pattern to the spending and a identify future potential areas of HAM interest. If I have time… Read more »
southseacompany
Member
southseacompany

“Ask the Bottom Line Panel: Canada’s Housing Market”, CBC news 20 minute video.

https://www.youtube.com/watch?v=kK5SO_2ZbLo&spfreload=10

“Is there a housing bubble? Or have prices just gone up? Our Bottom Line Panel answered some of YOUR questions, tonight. “

patriotz
Member

@3: “Is there a housing bubble? Or have prices just gone up?”

Is there a housing bubble? Or have prices, rents and incomes just gone up?

There, fixed that.

space889
Guest
space889

I guess there wouldn’t be a 25% off on a house in this event.

http://www.likeitbuyitvancouver.com/

Runawayscreaming
Guest
Runawayscreaming

I don’t think there is going to much job growth for Canadians in Vancouver. The bubble has made it too expensive for many types of business to operate in Vancouver. The job growth in Vancouver will be for Mandarin-speakers who can service the needs of wealthy Chinese citizens with property, cars and spoiled children in Vancouver. The growth careers for Canadians in Vancouver will be Lamborghini Polisher, Monster House Cleaner, Chinese Real Estate Agent and so on. So, the jobs question relevant to Vancouver should be about the job growth for Kleptocrats in China? I would say Chinese Kleptocrat numbers are growing and careers in Chinese Kleptocracy have a bright future.

Softy
Guest
Softy

” and require more than 100 per cent of the median household income to maintain, according to a new report from Vancity.”

Shouldn’t this say “more than 100 percent of REPORTED median household income…”?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
Slagathor
Guest
Slagathor

….As the article points out, the city is thinking that the transport zoning of the CP corridor (which was upheld by the Supreme Court of Canada) prevents it from being developed…..

The city can zone it to be whatever they want it to be once they own it. The City’s paltry $20M offer is completely bogus. I’m no fan of CP but the city has locked zoning on the land to extort a lower price. I’m not saying the city wouldn’t use it for transportation, but if they did, they’d magically un-zone and sell off some of it to help pay for the transportation.

LL
Guest
LL

Don’t worry about silly little things like paltry job growth, just get more damn temporary foreign workers in here! That will fix everything.

Oracle
Guest
Oracle

Some tidbits:

1. Was told that the rise in part time jobs was due to some employers hiring and paying people as part timers through payroll. Just to cover WCB, CRA stuff. Then the majority of the other time they were paid cash. Win win for both. The part timers were effectively full timers.

2. There are so many programs where people can come to Canada that are not even counted in population growth stats. Huge impacts on transportation networks, roads, hospitals, doctors, university access, etc.

3. The Express Entry Immigration system is based on job openings. So far, 1000 jobs per week are being created.

Oracle
Guest
Oracle

4. Homeowners are voting YES in the transit vote because they say they don’t want their property taxes to go up and they want 1 million more people here so their house prices go up even more.

Mortgageslave
Member
Mortgageslave

“Homeowners are voting YES in the transit vote because they say they don’t want their property taxes to go up and they want 1 million more people here so their house prices go up even more.”

I’m voting yet but Property taxes will go up regardless. It’s in the next budget. Do you see any easier way to make up for a budget shortfall? Just wait and see.;)

“Was told….” Then it must be fact!?? You and Space just make this shit up as you go….

On that note…Space889 is a CFI! If it wasn’t know already.

UBC in crisis mode
Guest
UBC in crisis mode

How can there be a housing bubble in Vancouver when trillion dollars need to move here?

With SFH values up 10% per year in Van West, the average will be $4 million in 7 years.

Only industries left would be RE and banking in a few years, tourist comes in a distant third.

Tiger
Guest
Tiger

Ask the Bottom Line Panel: Canada’s Housing Market

https://www.youtube.com/watch?v=kK5SO_2ZbLo

Son of Ponzi
Guest
Son of Ponzi

I’ll take the Panel of Expects and use it as the foundation for my crack shack.

VanRant
Member
VanRant

China’s Housing Ponzi scheme is starting to unravel, and it could have devastating effects on the world economy especially Vancouver’s Real Estate. HAMs are trying to get out of China before it explode to pieces.
Heres some tidbits on China’s bubble:
– China’s debt surpass US and is at $28 trillion vs $18 trillion (China’s debt has quadrupled from $7 trillion in 2007 to $28 trillion as of mid-2014).
– House Prices in China went up 650% (National) and 800% (Major Cities such as Beijing) in less than 10 years.
– 60 million units sits empty or More than one in five homes in China’s urban areas is vacant.
– China’s bubble are 10 times larger than US at the peak of disastrous housing bubble.

Son of Ponzi
Guest
Son of Ponzi

#17
more than one in five homes in Chinas’s urban area is vacant.
Could have fooled me, I thought it was Richmond.

Son of Ponzi
Guest
Son of Ponzi

Even better.
I could use the Panel of Experts to cover the leaky roof on my crack shack.

Yunak
Guest
Yunak

@2

I am working on a theory related to HAM RE spending, it is based on a circular area that sees a greater concentration of spending, ie The Ring of Fire. Van and SF fit nicely, but why not the Mexican coast?

Mexicans aren’t much into multicultural bullshit and red carpets for communist scumbags and both sides know that so most likely their ill-gotten wealth would get a bit different treatment in Mexico than in Canada or Australia. HAM very well know where they can abuse and take advantage of the system

Loon
Guest
Loon

@Yunak:

“Mexicans aren’t much into multicultural bullshit and red carpets for communist scumbags and both sides know that so most likely their ill-gotten wealth would get a bit different treatment in Mexico than in Canada or Australia. HAM very well know where they can abuse and take advantage of the system”

I suspect that Spanish and non-English speaking locales are not as desirable, climate/humidity may also have something to do with it. Corruption factor needs input, foreign corrupt cash vs local corrupt authorities would cause more friction than other areas.

vangrl
Member
vangrl

“Mr. Donaldson sees buyers shell-shocked by bidding wars almost daily. He also knows the feeling first-hand. Several years ago he bought a condo townhouse that had been on the market with no offers for nearly a month. The seller was a real estate agent. After submitting a bid he thought was fair, a competing offer suddenly emerged. Mr. Donaldson dug deep and upped his offer by $10,000.

“To this day I have no way of knowing if there ever was an actual offer on the property,” he says.”

http://www.bnn.ca/News/2015/3/25/Real-estate-regulator-aims-to-crack-down-on-dubious-practices.aspx

history
Guest
history

TFW! TFW! TFW!

we’re #1
we’re #1

go team, keep them here… houses and loans for all!!

regards,
(from my vehicle abode)
history

space889
Guest
space889

@Runawayscreaming – Most companies rent office space, they don’t buy them so bubble don’t affect them, and rent hasn’t been exploding as attested by many bears here.

Plus commercial RE is a totally different market from residential RE and where is the proof that HAM is buying up commercial RE and keeping them empty?

Big biz don’t come here cuz there isn’t a sufficient critical mass of industry and there is a lack of local talent and a lot of talented people don’t want to come here unless they have family ties or just really really really like to ski, golf, and surf in the same day.

We have a lot of small start up tech companies but 95% of them are just in it for a quick flip/buyout, rather than grow and building a large company.

space889
Guest
space889

@vangrl – I guess in the end he wants to buy it more than the seller wants to sell it. If it were me, I would just say forget it and wait.

If it is still for sale a month later, I would submit another bid but reduce the price by at least 5% if not 10%. This is just too obvious a scam to extort more $$.

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