Recession in Canada
 

This was posted in another forum! I think I can quote it here!
"Can West Global, which is a multi- media corporation, that owns newspapers, tv and radio stations in Canada is just about to go into bankruptcy. It has been trying to convince it's creditors to hold off on calling a loan ( for 100 million dollars ) that was due to be paid today. It is unlikely that it will survive more than a further month.

General Motors of Canada, which used to be the largest business corporation in Canada, is trying to stave off bankruptcy, by asking the Government of Canada for BILLIONS in loans. GM has announced that it plans to close 250 of it's car and truck dealerships in Canada, this year. That alone will put an estimated 22,000 people out of work, and that is in addition to the 11,000 GM employees that have been let go over the past two years.

In Ontario, the number of people applying for un-emplyment benefits has risen to a all time high figure. The city of Toronto has announced that their fund for welfare payments is just about depleted, and we still have 10 months to go in this calender year.

Nationally the real estate maket is dismal, with sales flat and prices down by a record 30 percent in one year. No one is building new homes, as there are few buyers to be seen.

The Canadian Broadcasting Corporation, which is our national radio and Tv network, has been told by the Federal Government that they will get no budget increase this year, and to "live within it's means ".

New car sales, of all makes have decreased by as much as 50 percent, over last years numbers. Municipal governments are not buying new trucks or cars, for their fleets , and they are planning on not buying for at least the next two years, to conserve tax dollars, which are becoming more scarce, as so many people are no longer able to pay their property taxes, due to being unemployed.

And finally, US tourist visits to Canada, in the last quarter of 2008, were down by 25 percent, over the previous year. That reflects their worsening economic situation. Canadians are not flying nearly as much as they used to do, and many say that they will not go "far from home " this summer, to conserve their money. Summer camps for kids are not getting the usual number of reservations and some will not opetate this year, to avoid loosing money.

All of the above information comes from newspapers and TV news in Canada, in the past month. "
Can someone highlight how the recession is going about in Canada?

Re: Recession in Canada
 

No sign of it around here, though the economy isn't as bubbly as last year. We're still hiring on the manufacturing side, though we haven't hired any software people in quite a while.

Re: Recession in Canada
 

This was also posted on that forum!
This post is intended for those who are thinking about
applying for immigration permission to come to Canada, or those who are in the process of applying. I am a Canadian citizen, born in Canada, and I say this......Canada is in the midst of the worst economic free fall that we have seen in the past 70 years. Huge numbers of Canadians are now out of work, and many Canasdian companies are declaring bankruptcy. In the last year, the Province of Ontario has seen 335 ,000 jobs disappper in the manufacturing sector, alone. The Canadian automotive makers are all balancing on the edge of bankruptcy, and they are begging the Canadian federal Government for bail out loans, to stay in business.General Motors of Canada, Ford of Canada, and Chrysler of Canada, have all closed their car and truck making plants for three months, to try to reduce their huge inventory of un-sold vehicles. Car sales in Canada are down by 45 percent, and dealerships are going broke, as no one is buying any thing. In Ontario , one out of every seven jobs is directly tied to car making or the auto parts supply companies that feed materials to the car makers. Ordinary Canadians are worried about their own employment future, and the economic future in 2009 is looking very dark, indeed. The Government of Canada is saying that in 2009 they will be forced to go into a huge deficit budget, to try to stimulate the economy, by starting large public spending on infrastructure projects.The resale value of the avearge Canadian house has dropped by about 15 percent, in one year, and the building of new homes has all most completely stopped, as no one is willing to buy at this time. Many home owners are no faced with the frightening reality that they owe MORE on their home, than it will bring if it is sold now. If any one wants to buy it, that is . Many Canadians are having to "walk awayt " from their homes as they have lost their jobs and cannot pay the mortage. Thet are willin g to take any !job, no matter how low the pay, to keep their kids fed, and with a roof over their heads. Many are living in their parents basements, or with friends. Times are very bad here now.At the prsent time. Canada accepts about 250,000 new immigrants per year, but with so many of our own citizens being unemployed, immigrants are going to find it all most impossible to get a job, any job in Canada in the next 3 to 5 years. It only makes sense, of course, that in such hard times, we are going to hire our own people first, before a immigrant gets any chance at the job.So here is my message to you, in simple words.If you have not yet been approved, to come to Canada, STAY where you are. If you have a application "in the process " you can take it back and get most of the fees refunded to you, by cancelling it. Even those who have been approved and are about to come here may very well find that they are going to have to go back home in six months time. Keep that in mind. Now for the disclaimer.....I am NOT an Immigration consultant or lawyer. I AM a Canadian who reads the news every day, and who lives in Canada, and who is very sure that this is the WORST possible time to come to Canada, as a Immigrant. Don't say that I dind't warn you.Jim Bunting.
Toronto.

Re: Recession in Canada
 

I have read elsewhere that recession is more prominant in Alberta and Ontario and the other provinces are not as affected by it. But recession is mostly sudden. The economic facts are underground and only surface to the ground when it has almost become impossible to hide. And the general public is largely taken by surprise.
Hopefully America gets out of its recession since the econmies of most countries are interlinked. If one goes down, it takes the rest with it. But it hardly appears America will ever come out unscathed out of its recession.

Re: Recession in Canada
 

Hi Madi and welcome to the forum.

If you do a search of the forum, you'll find lots of threads about the current situation in Canada as the recession and employment situation has been discussed many times before. Hopefully that might help a bit.

:)

Re: Recession in Canada
 

Yup, I'm feeling the effects of it....the house is definitely in negative equity by around $35,000 and we're struggling big time to keep the bank funds looking healthy....due to health concerns last November I resigned from my job and now can't even land a job in Winners, Michaels or bloody Starbucks :eek: Our Red Deer Advocate, that once had almost a page full of Trades jobs, advertised just 8 jobs last week...the same for the Trucking jobs - a whopping 1 driving job advertised. If I'd have known back then in November how difficult I'd find it landing another job, I'd probably have struggled on....but I was in a dark place and thought it was the best thing for me :unsure:

Thank God for H & R Block on Saturday....we got a "not bad" 3 figure refund...every bit helps eh. We have advertised our Chevy Avalanche for $15,000 (very average, if not a good price for it's year & kms) and we'd still have to cough up around $1800 to the finance to settle it up.....not a single phone call! People just aren't willing to part with their cash now on 2nd hand trucks. I tell you....I see it here and it's not good.

A good post to give those coming over here an insight that it's not just the UK that is suffering :(

Re: Recession in Canada
 

Hi madi80. Can we have a link to the forum you're quoting from? Thanks :thumbup:

Re: Recession in Canada
 

Google the text &.......

http://help2immigrate.blogspot.com/2...alk-about.html

Re: Recession in Canada
 

Ahh... clever! Thanks.

Re: Recession in Canada
 

:thumbsup:

Re: Recession in Canada
 

Hi chipbarm, I got this quote from the yahoo group immigration_info. It is a very active group but not as active as this forum.
Hi christmasoompa, I'll do the research but I think the situation is worsening everyday.

Re: Recession in Canada
 

Undoubtedly its getting worse every day, isnt that inevitable in what is a global recession? Canada tends to lag the US to some extent, and there is no en in sight south of the border yet.

Will it be as bad in Canada as in the UK or US? No, I dont think so, but thats scant consolation for those who are affected. For me its struck in the form of no inflationary pay rise for 2009, but if thats as bad as it affects me then I will count my blessings. I'm certainly glad I dont work in the automotice sector anymore, unlike so many in Ontario who must be concerned at present.

On the bright side the governments stimulus package will at least mean I get some money back on my basement reno...

Re: Recession in Canada
 

My wife works for the Employment services department in Wellington County and they are seeing a large increase (hundreds, if not thousands) in the number of people starting to claim benefits. Now as these people need to exhaust their EI benefits before they come to her then it's a good guess that this number will be increasing for the foreseeable future.

Iaink - You get money back for renovating your basement? Do tell.

Re: Recession in Canada
 

Do keep up at the back there!

http://britishexpats.com/forum/showt...ion+tax+credit

;)

Re: Recession in Canada
 

Ta much. We're slow over here in SW Ontario.