Bank of Canada report looks at the economic impact of COVID-19
Posted on May 19, 2020 by Iman Emadian
The Bank of Canada’s latest report takes a deeper look at the impact COVID-19 is having on the Canadian financial system, including the housing market.
“Income uncertainty and physical distancing have led to considerably slower activity in housing markets, with sales and listings both down sharply,” the report states.
“Reduced liquidity in the housing market could add pressure to household finances since households may find it increasingly difficult to sell their homes. Most households now expect house prices to decline over the next 6 to 12 months."
While pandemic job losses linger in the economy, some companies are struggling to find employees. A review of popular job listing sites in Canada showed companies ranging from retailing giant Amazon to small, local enterprises are offering signing bonuses to lure workers to jobs like delivery drivers or hair stylists.
After racking up debt in 2020, the Canadian oilpatch is enjoying a rebound so far this year as major oil producers are gushing profits as oil prices are near a seven-year high. This week, many energy companies based in Calgary unveiled their latest earnings reports and for the second straight quarter, the industry showed hefty profits.
After 500 days of working from home, CBC News reached out to dozens of business leaders across the country for their thoughts on the looming return to offices. Across the spectrum, one sentiment was echoed: Things definitely won't be going back to how they used to be.
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