Real eState
B.C. adds 12K jobs in August, real estate takes a hit
|
|
The B.C. labour market looks to be playing an outsized role in boosting national numbers with the West Coast adding 12,000 jobs in August, according to Statistics Canada data released Friday.
Canada as a whole added 40,000 jobs, with Alberta (+18,000 jobs) serving as the biggest contributor amid 9,000 job losses in Ontario.
The stats agency also revealed B.C.’s unemployment rate fell 0.2 percentage points to 5.2% compared with a month prior. The national rate remained static at 5.5%.
Employment within the finance, insurance, real estate, rental and leasing category took a hit in B.C., shedding 7,700 jobs amid high interest rates.
Leading into the school year, the province added 10,200 jobs to the education services category.
“Canada’s job market has been following a sawtooth pattern this year, with a soft report generally followed by a snapback,” BMO chief economist Douglas Porter said in a note.
“This was the month for a minor snapback. While August was for the most part a respectable month, it’s worth pounding home the point that Canada now needs a steady flow of jobs just to match raging population growth.”
He said 50,000 jobs are needed monthly to hold the unemployment rate where it is.
Porter added that this month’s jobs data won’t be enough to influence the Bank of Canada’s thinking following the pause on rate hikes earlier this week.
“It’s not strong enough to prompt an immediate rethink on the pause, but it’s also certainly not soft enough to rule out further hikes,” he said.
TD senior economist James Orlando echoed those sentiments.
“Consumer spending is slowing under the weight of 475 [basis points] in rate hikes over the last 18 months, and the real estate market is rolling over again after the BoC’s June/July rate hikes,” he said in a note.
“Given that markets are pricing a 50-50 chance of another BoC hike this year, it is clear that market participants are still looking for more evidence of an economic slowdown.”
Meanwhile, CIBC executive director of economics Andrew Grantham said the Bank of Canada is done with rate hikes for now.
“The unemployment rate [is] likely to move higher in the coming months and approach levels which should slow wage growth and overall inflationary pressures in the future,” he said in a note.
Real eState
Class action against commissions in real estate clears another hurdle – The Globe and Mail
We use cookies and data to
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
|
|
Back in 2014, we featured 325 Perth Ave. as the house of the week, boasting how great of a catch it was with its open concept layout, basement apartment, and deep backyard.
Nine years later, it’s had a massive glow-up and is now better than ever.
Listed for $1,899,000, 325 Perth Ave. underwent the renovation of a lifetime back in 2021.
The living room with custom built-ins.
“The owners bought this house in 2014 against 32 other offers and for 133 per cent over asking price, and the media debated heavily at the time if it was a smart decision,” realtor Maggie Lind told blogTO.
But they really made the best of their decision and in 2020, they began a renovation to add a 16-foot addition, build a laneway suite and gut the main floor.
The primary bedroom ensuite bathroom.
But then the pandemic hit.
One of three bedrooms in the main house.
“Because of COVID the laneway house was completed first, and the owners, and their two boys (both under 6) moved into it, even though it was only 350 square feet. Each night they went back to the construction to sleep in the two bedrooms on the second floor,” added Lind.
The kitchen.
The sacrifice was worth it, though, as the renovated home is gorgeous.
The dining room.
The main floor, with an open-concept floor plan, wide plank white oak flooring, and custom built-ins, is beautiful.
The hidden powder room beside the dining room.
There’s also a cheeky hidden powder room on the main floor and the custom kitchen is sleek and modern with quartz counters.
The family room.
The 16-foot addition at the back of the house is now a cozy family room that walks to the back garden and is filled with natural light.
What was formerly the primary bedroom is now another bedroom upstairs.
Upstairs, there are three bedrooms, including a completely new primary suite.
The new primary bedroom.
It has soaring ceilings, double closets, and an ensuite bathroom with a deep soaker tub, walk-in shower, and double vanity.
The lower level unit.
The basement has a separate entrance and could be used as an income-generating space as it has a kitchen, bedroom and bathroom.
The bedroom in the basement.
And if one income-generating space wasn’t enough, there’s also the laneway house at the back of the property.
The laneway house with a garage.
The laneway home is similar in design to the main house – modern, bright, and airy.
The kitchen in the laneway house.
It’s a studio apartment with about 400 square feet of living space, as well as parking and a storage room. It also has its own laundry, making it ideal for tenants and guests alike.
The backyard with storage.
Currently, the laneway house is tenanted for $1,700 a month.
The back of the house with two decks.
This home really went from a snack to the full meal deal.
We use cookies and data to
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Class action against commissions in real estate clears another hurdle – The Globe and Mail
US actor Steve Martin backs Australian film on Indigenous art movement – The Guardian
15 Works of Art We’ve All Read Too Much Into – Cracked.com
-
Media24 hours ago
Black Americans express concerns about racist depictions in news media, lack of coverage efforts – The Associated Press
-
Economy24 hours ago
High inflation remains the 'bigger risk' to the U.S. economy, Fed's Austan Goolsbee says – The Globe and Mail
-
Media13 hours ago
Gen. Milley says he has "appropriate" safety measures after Trump social media threat
-
Art12 hours ago
U of G opens a new space for the arts community to use
-
Art12 hours ago
Gérard Depardieu’s Art Collection Sells for $4.2 Million at Paris Auction
-
News23 hours ago
After briefing on intel, Singh says 'clear evidence' India involved in B.C. killing – CTV News
-
News12 hours ago
Justin Trudeau apologises after Nazi veteran honoured in parliament
-
Business11 hours ago
Ottawa rolls out voluntary code of conduct for AI