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Economy of Canada, Toronto?
With the economy coming to rock bottom, how is the situation of Canadian's economy? How badly hit is the economy in Canada?
How is the (un)employment rate in Toronto?
Is the property price coming down?
2 Answers
- TdotLv 61 decade agoFavorite Answer
Canada is indeed in a recession and the economy continues to contract. While the US is Canada's largest trading partner, Canada is not seeing the same turmoil that the US is. Our banking system is sound and home foreclosures are not an issue.
Ontario is getting hard-hit in job losses primarily due to its heavy manufacturing industry.
The unemployment rate in Ontario is 8% (slightly lower in Toronto) while the national average is 7.2% Seventy-one thousand jobs were lost in Ontario in the last year.
Home Sales in Toronto were down 33% in February compared to last year, however the average sale price was down only 5%.
Source(s): http://www.cbc.ca/money/story/2009/02/06/januaryjo... http://www.yourhome.ca/homes/article/597391 - 1 decade ago
I am starring this question so that my Canadian contacts may see and respond if they can help.
God bless you, my friend.
