More than half of pandemic job losses recouped
Canada sees third straight month of employment gains
418,500. That’s how many positions Canada’s economy added in the month of July, bringing the number of jobs reclaimed over the past three months to 1.7 million. The country lost three million jobs in March and April at the height of the pandemic, meaning that as of July, the country has reclaimed more than half the losses suffered from COVID-19. However, it’s important to note most of the employment growth in July was part-time work (345,300 positions).
Feds, Ontario announce child-care funding
Ontario Premier Doug Ford announced Friday that his government is earmarking $234.6 million for new child-care funding as part of the Safe Restart agreement between the federal government and the provinces. Ford said the money will be used to enhance cleaning and public safety protocols for facilities, including licensed daycare providers and First Nations Child and Family programs.
Consumer confidence marches higher once again
Canadians are starting to feel more optimistic about personal finances, job security and economic growth, according to the latest Bloomberg Nanos Canadian Confidence Index, in a positive sign for the country's nascent recovery from the COVID-19 pandemic. The topic that Canadians are most optimistic about is real estate, according the survey, with 30 per cent of respondents saying they expect higher housing prices in the near future.
Housing rebounds in two of Canada's biggest markets
July was an active month for two of the country's hottest housing markets. Home prices in the Greater Toronto Area set a new record for the month as activity continued to rebound off its lows from earlier in the year. Data by the Toronto Regional Real Estate Board (TRREB) released Thursday revealed homes sold across the Greater Toronto Area (GTA) jumped by 16.9 per cent year-over-year in July. On the West Coast, Vancouver home sales jumped by 28 per cent month-over-month. Real Estate Board of Greater Vancouver Chairwoman Colette Gerber said that low interest rates and limited supply fueled competition in the Vancouver real estate market.
Why perferred shares aren’t the best source of fixed income
Even amid prolonged rock-bottom interest rates, fixed income remains an essential part of any investment portfolio to cushion risks from equities, according to Personal Finance Columnist Dale Jackson. In this week’s column, he explains why preferred shares aren’t the best source for fixed income. “They have qualities of both stocks and bonds, but in the end, preferred shares are a little of both and not much of either,” he says.
Canadians turn to cycling amid pandemic-related lockdowns
As many Canadians alter their travel habits to avoid public transportation amid the COVID-19 pandemic, cycling has seen a surge in popularity, according to a report from The Canadian Press. However, high demand for bikes has also stoked prices, with one shop owner claiming that it’s difficult to get new rides for under a grand.
CERB underscores cracks in Canada's disability aid
The COVID-19 pandemic is starting to expose cracks in the country's disability support. In this report from The Canadian Press, some social advocates point to the Canada Emergency Benefit (CERB) as an example of how the country's disability aid has failed to keep up with the growing cost of living in Canada.
“If you consider fixed income as income that is fixed; preferred shares are probably not for you” – Personal Finance Columnist Dale Jackson on investing in preferred shares
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