Some previously frothy markets are still adjusting to a significant shift in price expectations, while other markets appear to be operating in a manner consistent with market fundamentals. As markets stabilize in Toronto and Vancouver, the Canadian housing sector should return to growth overall later this year.
And for workers in their prime working years, it mostly has. Overall participation, however, remains well below pre-pandemic trends. Some of the participation gap reflects workers who are still out of the labor force because they are sick with COVID-19 or continue to suffer lingering symptoms from previous COVID infections (“long COVID”).