With the Canadian real estate market teetering on the brink of a collapse, unemployment will shoot up. Foreclosure have already started. Subdued crude oil prices have given the second body blow to the Canadian economy. Oil and gas is a big employer in Canada and contributes approx. 7% to the total global crude supply. Several oil and gas companies have laid off or furloughed employees across Canada.
With these two sectors under stress, I do not foresee the Canadian economy picking up anytime soon. A flood of migrants will only exacerbate the problem of unemployment. It is a tough time for new immigrants (and citizens).
With these two sectors under stress, I do not foresee the Canadian economy picking up anytime soon. A flood of migrants will only exacerbate the problem of unemployment. It is a tough time for new immigrants (and citizens).