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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دارالترجمه چینی

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say whaaaa?
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say whaaaa?

@94

I agree, and would suggest that it also sounds a lot like our (non-local) local friend Patriotz … take everything with a grain of salt.

would-be buyer
Guest
would-be buyer

Carney just dissed Poloz. Too funny:

BoE Governor Mark Carney told legislators earlier this month that cutting rates purely in response to falling oil prices would be “extremely foolish”, and most economists polled by Reuters expect the next BoE move to be a rate rise in around a year’s time.

http://www.theglobeandmail.com/report-on-business/international-business/european-business/britains-inflation-rate-hits-zero-for-first-time-on-record/article23589577/?utm_content=buffer812dd&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Joe Mainlander
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Joe Mainlander
@#87 Yes. That’s about right. The City takes the land lift for amenities and infrastructure costs rather than raise taxes. Or, in lieu of cash, the developer builds these if the project is large enough. So, unlike places like Calgary where there are no cost charges (and why Calgary is sprawling and in debt), landowners don’t make the cash just rezoning and flipping. Here the profit comes from constructing buildings and selling/leasing them. So any developer bidding on land they want to rezone will look at the market rate they think they can sell condos at, minus construction and design costs, minus the City contributions, and then bid on the land trying to ensure they have $ left for profit. Strange you were down-voted so much. It’s just a fact. And you didn’t say it was good or bad. It… Read more »
Best place on meth
Member
Best place on meth

@66

Whistler slopes?

I can’t believe the new tourists have already been given a nickname.

Guy Smiley
Member
Guy Smiley

@George – And this relates to BC RE how?? Or are you implying that only Chinese people smuggle stuff?

People of all races smuggle obviously. I would posit though that Chinese are currently responsible for 70-90% of the poaching of endangered animals around the world. Horned/tusked African animals (read rhinos and elephants) in particular. Fuck extinction, I need a boner! Honestly – a one year ban on ivory imports finally in 2015? Paltry, late and disingenuous. On this issue I give a loud ‘Booooo China’!

But … back to RE. With the US economy seeming to detach from Canada’s, do we expect to see prices in the gulf island appreciate more than surrounding areas? Americans were always among the main purchases of property on Salt Spring etc….

Wearehere
Guest
Wearehere

Sherry Cooper: But we’re importing capital dramatically because of the attractiveness of our real estate market.

Garth Turner: Importing capital dramatically? I haven’t seen that quantified.

Sherry Cooper: You don’t think foreign monies coming in to buy —

Garth Turner: I haven’t seen any quantification on that.

Garth sounds like the Government or COV or the Mayor or Poloz a thousand other head-in-sand deniers.

Basially, the argument is that since we don’t know the exact numbers AND we sure ain’t going to do the simplest research to try and find out what they might be…..then …it ain’t happening.

What utter BS.

Yunak
Guest
Yunak

I bet this craphole gets pitched as an outstanding opportunity, once in 10 years…

http://www.huffingtonpost.ca/2015/03/26/vancouver-grow-op-million-dollars_n_6949134.html

history
Guest
history

http://www.thepeoplesvoice.org/TPV3/Voices.php/2014/12/23/china-s-second-cultural-revolution

if my calculations are correct the second Wuhan will be in Vancouver this summer, just prior to Xi’s visit to the USA. Of course I could be wrong, Xi could show up in Vancouver to BUY A HOUSE instead… BWAAAAHAHAAAA… then be on his merry way to conjoin with Obama, at the levitation pond.

history
Guest
history

“On Thursday, Poloz reiterated — this time for a foreign audience — his explanation that the cut was a way to buy the bank time to assess the evolving economic impact of the oil-price plunge.”

whaa?? can’t the foreigners just read a couple of old press releases issued by Mark Carney in 2012 and 2013……

paulb
Member

2 days!!

Sorry yesterday was moving day for me. Still North Shore, but more space.

New Listings 531
Price Changes 129
Sold Listings 373
TI:13508

http://www.paulboenisch.com

Oracle
Guest
Oracle

Its official. Garth T invests HAM money. No wonder immigration is not allowed to be mentioned.

Brad Lamb: Hold on. Just let me say this. Since 2008 or 2009, for six, almost seven years, you’ve been saying the same thing and you’ve been wrong. For seven-tenths of a decade, you’ve been living under a rock, afraid the world’s going to end.

Garth Turner: Not at all.

Brad Lamb: But it hasn’t.

Garth Turner: Not at all.

Brad Lamb: What have you done? Have you built anything? Have you taken any risk in the last seven years?

Garth Turner: I manage $500 million of people’s money. I have a business that’s based on risk. Just like you, I take risk every day, okay? People give me $500 million to manage, I have to do a good job at it.

space889
Guest
space889
@Slagathor – Considering that CP got the land for free originally and made tons of money using that land, I don’t really have much sympathy in their fight for more $$ from CoV. As for your comments about current governments, I seriously can’t understand why anyone would actually believe that any existing government / politician is actually working for the benefit of the average person or long term societal wellbeing. The average person don’t contribute a dime to their campaign fund or potential careers after they leave politics. Seriously? What makes you think that any politician is actually working for your interest when you don’t give a dime/resource for their election campaign? Or promise any goodies after they leave politics? Ok, I’m sure there are a couple well intentioned ones. But given that it is now all about getting campaign… Read more »
space889
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space889

@Joe Mainlander – So basically the city is suppressing the value the lucky existing landowners can get in order to avoid raising general taxes for paid for more amentities for increasing densities?

I guess there is good and bad to that policy.

Slagathor
Guest
Slagathor

….Sure, but that’s the case for any large parcel of land in the city. Consider the former Jericho army base – upzoning it would increase the market value considerably…

And if the city was in a position to buy Jericho at a low price by limiting the current ‘owners’ (Feds and local First Nations) options via restrictive zoning (they can’t), they would.

@slagathor
Guest
@slagathor

You proved my point about Caucasians being clueless.

If you spent any time overseas, you would then realize that international students, TFW, and now IMP are vehicles for immigration. Nothing else.

Joke is on you.

patriotz
Member
@82: ” I suggested the property is worth way more $200M – IF THE ZONING IS CHANGED” Sure, but that’s the case for any large parcel of land in the city. Consider the former Jericho army base – upzoning it would increase the market value considerably. What’s different about CP is its entitlement mentality – I don’t hear other large property owners (Feds & FN in the case of Jericho) demanding that the city of either upzone their property or buy it at their asking price. Here’s a story for you. Quite some time back I attended a gardening workshop at Van Dusen Gardens. Opening was a special guest speaker who gave us a history. For many years it had been the Shaughnessy Golf Course, ownened by – you guessed it – CP. And after they decided the golf course… Read more »
VanRant
Member
VanRant

Where do they get the names! It was Operation Foxhunt and now its Operation Skynet- “No escape’ for China’s corrupt cadres, as the country’s authorities widen scope of global manhunt to target accomplices and financing. China is ramping up its international manhunt of fugitive corrupt officials with a new multi-agency operation, codenamed Skynet, aimed at restricting their financial channels.”

Slagathor
Guest
Slagathor

….And please don’t tell me CP could easily get $200mil, if they could get anything near that they would have quietly sold the property and this would never be an issue….

I didn’t suggest CP could easily get $200M. I suggested the property is worth way more $200M – IF THE ZONING IS CHANGED – which the city has the convenient ability to do – ONCE THEY OWN IT – or not to do if they’re tying suppress the value of the property in order to pick it up for as little $’s as possible.

Actual Footage
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Actual Footage

Vancouver realtor deals with first-time homebuyers

https://youtu.be/wcAMtvNfp78

Slagathor
Guest
Slagathor

….The vast majority of TFW and international students have lots of money back home…

Just want to make sure I’ve got this right: TFW’s bring millions of dollars here to purchases homes so they can take minimum wage jobs?

I think we can safely assume there’s no bubble in the price of crack.

@bull bull bull
Guest
@bull bull bull

Oh the biggest scam going on right now is with ICBC. Immigrants who are injured in the past overseas and have had MRI overseas showing injury. Ten when they do eventually get into an accident here, they grab that body part and voila, an ICBC MRI shows injury and then person get hinders of thousands. People from India doing it by the boatloads.

@losingthewill
Guest
@losingthewill

Detached prices will rise much more. The vast majority of TFW and international students have lots of money back home…they just can’t wire it out. but new methods are being found.
As you can see, detached prices continue to go up even though we are in a recession. If that doesn’t snap you out of delusions, nothing will.

Losingthewill
Guest
Losingthewill

as the Canadian economy goes one way and real estate prices go another I am now beginning to believe those prices will never come down. Yes it makes no sense; yes it is illogical; but the speed at which new listings are disappearing suggests factors of which sane, rational judgement is unaware. Sorry to put a downer on this but I’ve been following the market for three years now and it’s nothing like either the US or UK pre-bubble; this just keeps on growing no matter how bad things get…