Hullo folks we already landed this past Tuesday...and returned back the same day. As it happens we did have an address of people we knew there and now they will receive the notice and we can go and collect it any time we want in Canada, since we are confirmed landed PR henceforth.
NOW..for the nitty gritty
How is the actual job market there we have lived in the US for past 8 years and getting a job has never been any issue...both my wife and myself have US Masters, in IT and Education respectively. We are looking at GTA to settle...so how does it look?

Is US recession a reason for settling in Canada or not been able to get US PR after having no problem for getting Job in US for 8 years.

It appears from your statemen that getting jobs in US was never a problem shows you worked for several different companies, may that could be the reason for not getting US PR otherwise company would have helped you in getting US PR if worked in one company.

Canada have limited job opportunities as compared to US which are furtheraffeced by US recession.

welcome! to canada...i think you've made a great decision as according to me canada has so many good reasons to settle. I think you can start by trying to find jobs in the gta..but if you are flexible apply for jobs accross the country and see what you can get. the main thing is to remain positive. in any country including india, getting a good job takes time....Without sounding too optimistic, I think you have a good chance...we talk about skills shortage too many people too few skills...if you can demonstrate that you have those skills employers are sure to pick you up...

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smile ...