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."
The world is gripped by an energy crunch — a fierce squeeze on some of the key markets for natural gas, oil and other fuels that keep the global economy running and the lights and heat on in homes. Heading into winter, that has meant higher utility bills and more expensive products.
Facebook is paying a $4.75 million US fine and up to $9.5 million US to eligible victims to resolve the U.S. Justice Department's allegations that it discriminated against American workers in favour of foreigners with special visas to fill high-paying jobs.
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