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Ontario Faces Job Crisis Amid Trump's Proposed Tariffs

  Ontario Premier Doug Ford has issued a stark warning about the potential impact of U.S. President-elect Donald Trump's proposed tariffs on Canadian goods. Ford estimates that the 25% tariffs could result in the loss of up to 500,000 jobs in Ontario. The actual number of jobs affected will depend on which sectors are targeted, but the potential impact is significant. Ford has called for stronger and more visible action from the federal government to address this looming threat. He emphasized the need for a solid plan to secure the border and ensure economic stability. The Premier also hinted at the possibility of an early election to address the economic fallout from the tariffs. The proposed tariffs are part of Trump's broader strategy to enhance border security and protect American jobs. However, the potential consequences for Ontario's economy are severe, and Ford is urging a unified response from all levels of government.
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Toronto’s Housing Market Plummets to a 13-Year Low Amidst Higher Mortgage Rates

 


Toronto’s housing market experienced a significant decline in 2023, with home sales dropping to a 13-year low. According to a report by the Toronto Regional Real Estate Board, the number of home sales in the Greater Toronto Area (GTA) fell by 11% compared to the previous year . This decline can be attributed to the rise in mortgage rates, which made it difficult for potential buyers to afford homes.

The average home sold price in the GTA for November 2023 was $1,051,180, which is a 7% drop compared to the previous month . The report also states that the GTA housing market has been in a deep buyer’s market for the past few months, with the sales-to-new-listings ratio (SNLR) being 40% in November 2023. This means that there are comparatively more properties available for purchase than buyers in the market, giving buyers more leverage in negotiating prices and terms. However, the GTA is now once again in a balanced market, with buyers losing favour as sellers regain some control in the market .


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