The Loonie Hour Bank of Canada will Keep Cutting Rates into Falling Loonie- w/ guest Ben Rabidoux
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Dec 13, 2024 Ben Rabidoux, a renowned real estate analyst at North Cove Advisors, sheds light on the Canadian housing market. He discusses the Bank of Canada's recent rate cuts and their implications amid a struggling labor market. Rabidoux highlights the decline in rents and the unprecedented construction supply. He also addresses the challenges posed by immigration surges and the need for an overhaul in the immigration system, linking these factors to broader economic dynamics in Canada.
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Public Sector Jobs
- Public sector job growth in Canada has been high, including essential workers like healthcare and education.
- However, Canada's public sector employment is high compared to other OECD countries, raising concerns about productivity.
Job Market Discrepancy
- Canadian job numbers show a discrepancy: headline numbers look good, but unemployment, especially long-term, is rising.
- Rabidoux suggests potential fraud in the temporary worker program, where foreign workers pay for jobs that may not exist.
Temporary Worker Program Fraud
- Some recruiters are exploiting the temporary foreign worker program, creating jobs on paper that don't exist.
- Foreign workers pay for these jobs to improve their chances of permanent residency, distorting labor statistics.