Throughout the pandemic, there has been an uptick of people vacating the city in exchange for more space in the suburban and rural outskirts of the Greater Toronto Area (GTA), including Simcoe County.
According to a report from Statistics Canada, from July 2019 to July 2020, Toronto saw an exodus of 50,375 people moving to other regions and provinces.
New Orillia resident Matt Williams is one of those people.
When the pandemic hit, Williams worked from home in Toronto at his corporate job in print and advertising.
As the pandemic persisted and he continued working at home, “It dawned on me, ‘I don’t have to be in the city. I should just leave. I should just go,’” he said.
At the time, he was actively searching for a first home to purchase in the Burlington area. As a first-time home buyer, his options in the GTA were rather limited.
“My buying power is better if I leave Toronto,” he remembers thinking. “I wouldn’t be able to afford a place in Toronto on my own.”
Williams had previously been offered a job for local print apparel company Screen Machine Promotions in Orillia. He had built a good relationship over the years with owner Aaron Barton from previous work projects. As much as Williams wanted to work for the Orillia company, it never felt like the right time, until now.
With the real-estate market booming in smaller cities, Williams reconsidered taking the job in Orillia, and started looking at homes to purchase in the area.
With the help of his real-estate agent friend, he found himself a townhouse available for quick sale, put in an offer, and moved in October 2020.
“I went back to Screen Machine and said, ‘I got a place and can start in a few weeks,’” he said. “(Barton has) offered me a cool opportunity to grow a small, local business.”
Williams has always been a creative spirit. With a background in marketing and advertising, and his side hustle, MattMadeCa, an Etsy shop of customized apparel and gifts, the decision to work for a smaller, local company allowed him to use his creative skills while getting into the real-estate market.
Williams has always had a soft spot for the small town. His parents live just around the corner from his new place, but school and work had always kept him in the city. Now he is able to be close to family while doing the work he is passionate about.
As a kid, he loved video games and creative arts. He was always drawing and making crafts and learned how to screen print in high school.
“I love functional art. I like creating things that you can use, which is what drew me to apparel,” he said.
The pandemic has shown Williams just how important supporting local business is. He really noticed the ‘shop local’ movement pick up in his Etsy shop sales. He sells internationally, with most sales coming from the U.S., but in 2020, he said his Canadian sales tripled from 2019 levels.
“When the pandemic hit, everyone went online to buy stuff,” he explained. “Through the pandemic, there was a massive shift of Canadians wanting to support Canadians. That was really cool to see.”
Now that he has made Orillia his permanent home, he is excited to be able to help support and grow local business while still creating for his Etsy shop in his spare time.
“There was such a seamless transition to where I was before to what I am doing now because I knew it would be a good time, and it has been so far,” he said.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
