span around the world. As a result
class="cap">W ith Canadian banks have lost billions
the recent housing crisis of dollars. And banks are not the
in the United States, which has only losers here. Just recently
now put the country into a Air Transat has announced that
recession, many here in Canada they to will lose a substantial
are wondering if and how it will amount of money investing into
effect us. As the old saying these hedge funds. It is yet to
goes, when America sneezes Canada be seen how many other companies
gets a cold. As of now in the will also be affected.
United States “Market conditions
All of this loss of money has
are the worst anyone in this affected the job market in the
industry can ever remember. I United States as well. The U.S.
don't think anyone has a Labour department has released
recollection of a total its job numbers for February and
disappearance in the numbers are down. They report
liquidity...There are billion of that 63,000 jobs were lost in
dollars worth of assets out there February which is the biggest
for which there is just no loss in five years. This is in
market.” Alain Grisay, chief addition to the 22,000 jobs that
executive officer of London-based were lost in January. And in the
F&C Asset Management Plc; construction industry 361,000
Bloomberg News. jobs have been lost since
These sub-prime mortgages, which September of 2006 following the
have been the cause of most the overall decline of the American
financial woes, have affected real estate market.
many, if not all, Canadian
For the same time period the
financial institutions. These bad Canadian jobs numbers look quite
debts were rolled up into different. Statistics Canada have
investment packages and sold just released their job numbers
and for February of 2008 doing. When faced with paying
employment hit a new record or more for a home many buyers will
63.9% with 43,000 jobs being rationalize the purchase with
created. In the past twelve some commonly held myths such as
months more than three hundred real estate, unlike stocks, is
thousand jobs were created and in not risky. Or that real estate
the all important construction will always appreciate in value.
industry 44,000 new jobs were Or maybe that they have to live
added. This could be a sign that somewhere anyway and it is better
Canada will be able to weather than renting. The wait and see
the storm better than our approach, however, will be the
neighbours to the south or more only way to know for sure as to
than likely that Canada has yet what effect the U.S. economy will
to experience the effects of the have on Canada.
mortgage meltdown.
Home buyers in Ontario, for
Multiple offers on homes are align="center">
still common and some real estate
experts have warned that buyers should not be lulled into a false type="text/javascript">
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About the Author:
Adil Esmail is a real estate professional specializing in the Markham Real Estate market and a source for up-to-date real estate information. The Adil Esmail team would be more than happy to assist with all of your real estate needs.
Article Tags: canada, jobs, market
