“Over 6k of the announced 16K job losses in BC were due to real estate development slowdown in the Lower Mainland.”

“Labour Minister Pat Bell was on CBC radio earlier today. He said that over 6k of the announced 16K job losses in BC were due to real estate development slowdown in the Lower Mainland.”
Patiently Waiting at VCI 8 Feb 2013 3:37pm

It does seem that things are slowing down on various fronts.
These are the kinds of self-perpetuating downward-spiral/vicious-cycle factors that will cause lower prices to beget lower prices still.
Our recollection is that we have roughly 7%-8% of the work-force directly involved in RE construction, whereas more normal levels are 3%-4%.
– vreaa

5 responses to ““Over 6k of the announced 16K job losses in BC were due to real estate development slowdown in the Lower Mainland.”

  1. The repercussions go far beyond construction jobs; from the lawyers to the sign guy; multipliers begin to enumerate.

  2. Check out Canada’s twin debt nation: The Netherlands home prices vs unemployment rate.

    Notice how it only took a -4% y/y price decline to send the unemployment rate from 4% to 6% (latest figure is 7.25%). That’s because of leverage.

  3. Vancouver’s participation rate dropped as well. LFS surveys have a lot of month-month noise so unless I look at many months together I wouldn’t read too much into it. A better indicator is housing starts imo

  4. Never mind those PeskyJobLosses, DearReaders!…

    恭禧發財 !!! [Gong Xi Fa Cai (Mandarin); Gong Hey Fat Choy (Cantonese)]…

    And now, for your NewYearsZen, a special treat from last night’s BeijingFestivities… [you’ll see who/what beginning @ 1:14]…

    [NoteToEd: And you thought the CNOC Nexen acquisition was about oil? Ha! Ha, I say to you!]

  5. I tell you, bringing in those TEDsters wasn’t a very good idea!

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