Friday, September 17

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Posthaste: Green shoots are sprouting after downtown Toronto’s crippling pandemic winter

Breadcrumb Trail Links Executive Summary Executive The city that took the biggest hit in commercial real estate is coming back to life Author of the article: Pamela Heaven King Street West in Toronto seen during the coronavirus pandemic in April. Photo by Emma McIntyre/Getty Images Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Article content September is looming, and with it the hope of life returning somewhat to normal.With more than half of the Canadian population fully vaccinated, businesses have started to think about getting their staff back to the office.And nowhere are these green shoots of optimism more apparent (or needed) than the on...
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Posthaste: Canadians say the country is more divided than before the pandemic — and it’s getting worse

Good Morning!We have been in this pandemic more than a year now and what do we have to show for it? A society that is more divided than ever.That's according to a new study by the Pew Research Centre that polled almost 20,000 people in 17 advanced economies. Six in 10 of those surveyed reported that national divisions had worsened since COVID-19 began.In almost all of the countries, these feelings of division increased significantly between 2020 and 2021, in some cases by as much as 30 percentage points.Canada is one such case. In 2020, 66% thought the country was more united than before the pandemic; by 2021, 61% thought it was more divided.The United States is even more extreme, with 77% on the divided side in 2020 rising to 88% by 2021.Not surprisingly, one source of these divisions ...
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Posthaste: Canadian millionaires are multiplying in the weirdest recession ever

Good Morning!We have all heard how the pandemic recession was unlike any we have ever seen.Now a new report affirms just how deeply weird this crisis has been.The Credit Suisse Global Wealth Report, which claims to be the most comprehensive source of information on global household wealth, says as far as the world's wealth goes it is almost as if the worst recession in recent memory had never happened.“The contrast between what has happened to household wealth and what is happening in the wider economy can never have been more stark,” says the report."Stranger still, countries most affected by the COVID-19 pandemic have often been those recording the greatest gains in wealth per adult."Total global wealth grew 7.4% in 2020, with wealth per adult climbing 6% to reach a record high of US$...
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Posthaste: Working Canadians are showing the strain of 7 months of pandemic, not only in our state of mind, but on the job

Good Morning!Seven months into the pandemic and working Canadians are showing the strain, not only in our state of mind, but on the job.After a brief upturn during the summer, the mental health of working Canadians has now sunk to near the lowest point seen at the onset of the pandemic in April, finds the Morneau Shepell's Mental Health Index for October.This level of mental health is concerning, the report says, because it shows the working population is now as distressed as the most distressed 1% of working Canadians before the pandemic.Nearly half of working Canadians say they need mental health support, the study found. Most are getting it from family and friends, co-workers or mental health professionals. But 9% of those surveyed reported they needed help, but had not sought it, an...
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Posthaste: Attention shoppers, it’s going to be a very different Black Friday this year

Good Morning!Black Friday and Cyber ​​Monday, that four-day bargain binge that shoppers around the world wait for every year, is fast approaching, but this Nov. 27 is going to be a very different shopping experience.Gone will be door busters, mobbed aisles and frenzied shoppers. The Centers for Disease Control and Prevention in the United States has classified “shopping at crowded stores just before, on or after Thanksgiving” on a list of higher-risk activities to avoid, reports USA Today.Walmart has already announced it will stay closed on Thanksgiving day, a first since the late 1980s. Target, Best Buy and other big brands have followed suit.Nor will Canadians be flocking over the border to swarm the stores down south.Nonetheless, the pandemic has not dulled shopper's interest in Blac...
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Posthaste: Competition for detached homes heats up in these 9 Toronto neighbourhoods

Good Morning!Of all Canadian markets, Toronto, with its high-density core, has become the poster child for how the pandemic is changing housing trends.COVID-19 has stoked a boom in demand for low-rise living and cut the appeal of condos, as residents working from home seek more space and the attractions of downtown living dim.September's housing figures reflected this trend with detached home sales growing 28% from the year before, while condos gained just 7%. The median price for a detached house in the city of Toronto proper hit $1,185,000, up 10% from last year.In 2019 there were 14 neighbourhoods in Toronto where the median price was under $1 million (that means half the houses sold for less than this amount and half for more). Now there are only nine, says a Zoocasa report by Janni...
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Posthaste: Almost half of Canadian employees are ready to walk out the door — and that’s a big problem

Good Morning!It would appear that many Canadian workers are fed up and don't want to take it anymore.A study by recruitment firm Hays Canada, which looks at the sentiments of business and the labour force, has found a “significant disconnect between Canadian employers and employees.”In fact, some of the findings were so worrying that it released the 2021 Hays Salary Guide two months early.On the one hand most employers said they were confident about the economy and employment outlook heading into the last quarter of 2020. Fifty-five per cent of companies said they were back to business as usual and 19% saw themselves as growing after the worst of the pandemic slowdown.The past six months, however, have taken a harsher toll on employees.The lack of social interaction from remote working,...
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Posthaste: The rift between millennials and boomers is no joke — it’s a key risk for investors

OK boomer, turns out that rift between you and millennials is more than a joke.New research from Deutsche Bank warns that the widening generational divide in the world is “unsustainable” and “a key source of alarm for investors, financial markets and society as a whole.”Deutsche argues that this divide will only get worse and will be one of the drivers pushing the world into a new “Age of Disorder.”"Young people perceive themselves as the losers on issues ranging from housing to climate change to student debt. In turn, this anger is manifesting itself into political outcomes, with elections around the world increasingly fought along generational lines."While the Deutsche study by research analyst Henry Allen and colleagues Jim Reid and Luke Templeman draws examples from the UK, US and E...
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Posthaste: Rents in Canada’s two most expensive cities are dropping at record rates

Good morning!With immigration stalled during the COVID-19 pandemic, rental markets in some of Canada's biggest and most expensive cities have seen record declines.Toronto and Vancouver, both gateways for new Canadians, have had rents drop in the double digits since the year before.In its Canadian National Rent Report, PadMapper, an online rental site covering Canada and the United States, analyzed August listings in 24 Canadian cities to determine where median rent prices were going.In Toronto, one and two-bedroom rents are down 10% and 12%, to $2,070 and $2,630 respectively, from a year ago. From the month before, they slipped 1.4% and 0.8%.In Vancouver one and two-bedroom rents were down 9.1% and 14.1%, to $2,000 and $2,750 respectively. From the month before, rents dropped 2.9% and 1...
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Posthaste: Household debt and insolvencies in Canada are creeping up again after COVID hiatus

They're back…Perennial worries of Canadians before the pandemic, household debt and its worst outcome insolvency, appear to be on the rise again after a hiatus during COVID-19's initial shock.Data from the Office of the Superintendent of Bankruptcy Wednesday showed that after plummeting 38.8% in April and 8.8% in May, consumer insolvencies have begun to creep up again.Insolvencies climbed 3.7% in July from the month before after a 3.9% increase in June, potentially signaling the beginning of an upward trend, says the Canadian Association of Insolvency and Restructuring Professionals."Prior to the widespread income shock and economic uncertainty brought on by COVID, consumer insolvencies were on the rise in Canada. The latest stats may point to a return to that trend," said CAIRP chair M...