Canada’s Growing Population Outpaces Job Market, Driving Unemployment Surge in Major Cities
Canada’s job market is struggling to keep up with population growth, leading to a rise in unemployment, particularly in major real estate markets.
In June, unemployment increased, with Toronto seeing the highest surge. Over the past year, 250,000 more people became unemployed, with half of that increase in Toronto alone.
Vancouver and Montreal saw moderate rises in unemployment, while Calgary experienced significant increases despite a strong real estate market. Halifax, though still low, also showed signs of rising unemployment.
The main issue is that job growth isn’t matching the rapid population increase, especially impacting recent immigrants and young adults in big cities.
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Source:
https://betterdwelling.com/canada-added-250k-unemployed-people-most-in-5-real-estate-markets/
