Canada in recession, rate cut likely: TD. What the?


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febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 06-07-15 19:55:07

Not sure whether to laugh or to cry over this News. Canada, in recession, not quite sure. Does TD want to send another housing frenzy in GTA and Metro Vancouver by cutting rate to another .75? Not sure what to make of it.

Here's the story:

http://www.thestar.com/business/economy/2015/07/06/canada-in-recession-rate-cut-likely-td.html

Suddenly, Govt. of Canada is silent on this and Banking sector is making noise. Let's see how it goes.

Man, in case of another rate cut as as high as the above News Story by TD, be ready for even higher housing prices.



DELHI INDIAN   
Member since: Aug 10
Posts: 296
Location: Toronto

Post ID: #PID Posted on: 06-07-15 22:43:06

This is some news. Currency continuously falling from past few days.
Economists , please share your views as whats in store?

quote]Originally posted by febpreet

Not sure whether to laugh or to cry over this News. Canada, in recession, not quite sure. Does TD want to send another housing frenzy in GTA and Metro Vancouver by cutting rate to another .75? Not sure what to make of it.

Here's the story:

http://www.thestar.com/business/economy/2015/07/06/canada-in-recession-rate-cut-likely-td.html

Suddenly, Govt. of Canada is silent on this and Banking sector is making noise. Let's see how it goes.

Man, in case of another rate cut as as high as the above News Story by TD, be ready for even higher housing prices.



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DELHI INDIAN


Blue_Peafowl   
Member since: Dec 08
Posts: 1351
Location: Brampton, Ont, Canada

Post ID: #PID Posted on: 06-07-15 23:44:32

I don't see interest rate goes down , Canada cant afford to lower rate at this moment


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febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 07-07-15 00:56:26

This is straight from the horses mouth. When the Banks, that too TD and Bank of America Merrill Lynch are predicting it, there must be some weight to it.

Excerpts:

"Echoing a report from Bank of America Merrill Lynch on July 1, Bartlett said the Bank of Canada will probably cut its 0.75 per cent key interest rate at its July 15 meeting and maintain the historically low rate until mid-2017. That will probably keep Canada’s exchange rate below 80 U.S. cents through this year, he added."

Silver lining from the low CAD could range from the booming housing for another 2-3 years, Exports such as Lumber (BC), IT Services (BC and Ontario), and Tourism (BC).



tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 07-07-15 05:09:00

I am much more worried about the jobs.
The 2008/09 recession was very very bad. For an immigrant like me, the second career was a boost which kept me up for one year (remember that I was fired from my office during recession since I stood up to principles and since I was an immigrant, I was fired).

Second career gave me my EI and funding for my education (upto max. of $ 28,000). Here again I failed since I joined in a Desi SAP institute which was a sham. In the middle of the course, I complained to the Govt . with the result of the desi institute terminating me. The desi institute swindled arund $ 10,000 from the govt..

There were no immeidate jobs since 2009. I was in Canada till Mid 2011. Though I was able to get a job in a related industry (as I had 7 years of Canadian experience), I was not sure how new immigrants were able to secure good jobs. Right from 2009, I was reading a lot of stories from Redflag deals about how even locals (with degree's out of Canadian universities) were unable to find jobs. At that time, Crude was at an all time high and many wanted to move to Calgary / Red Deer etc..

As Feb. rightly pointed out, the housing boom / house price boom will be there for still more time. It will be a very good time for the landlords as there will be a lot of people who will rent instead of owning due to lack of quality jobs and affordable home owning cost.

How is the job outlook in Canada these days for immigarnts (who donot have IT or banking or Finance experiece)?.

Murali


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rajcanada   
Member since: Jul 03
Posts: 2713
Location: Kitchener, ON

Post ID: #PID Posted on: 07-07-15 07:37:47

People coming out of Canadian universities are looking for entry level jobs. Unless you are in a co-op program, you have no real-world experience. Most entry level jobs these days require 3 to 5 years' of experience. Actually there are a lot of candidates available in the market as well, so companies really do not have to go for fresh graduates. Unfortunately this is happening in a lot of fields. So, people going for Second Career, etc., have to be really careful about which course they select.

For immigrants with no Canadian experience, it is difficult to check references, etc., so employers are a bit hesitant. I do not think this has changed over the years and nothing to do with recession.


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tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 07-07-15 07:43:31

I do not think this has changed over the years and nothing to do with recession.

Agree to the concept.

However my intent was to say that right from 2008/09, the job available at all levels has considerably gone down (and immigrants have increased at a much faster space than the jobs being created). Therefore, what I was trying to say, is that if prior to 2008, the number of immigrants who were placed in a job of their profession and with a decent salary was 50%, right now, it would be somewhere in the 30% or 20% range.

From my profession, I can see the change. I am constantly monitoring the Ontario Association of Archietct's website and for the past 4 years, the number of classifieds has gone down. Again, it is not a genealized statement.

Murali


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