1,000,000 this morningcomplexintentions wrote: ↑Tue Mar 24, 2020 8:47 amSo far.
500,000 EI applications last week. Normal average about 2,000,000/YEAR.
The one thing that can definitely kill any real estate market is job losses. Mortgages are cheap, but pretty hard to make payments without a job. Mortgage holidays don't reduce or eliminate, only postpone payments and actually tack on more for longer. How long exactly is this crisis going to last? No one knows.
Given the debt-to-income ratios in Canada I highly doubt that a large percentage can carry a mortgage on an EI payment. Not with those kinds of numbers. People start being forced to sell, good luck with open houses and transacting during isolation practices. If values drop significantly and go underwater, banks start asking for the difference - look out below.
Just like the virus, it's all about snowballing numbers. Canada avoided a housing crash in 2008-9, I'm not as sure it will do so now. All those extra years to blow the bubble.
Sorry for the thread drift.
Who's gotten a lay off?
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Re: Who's gotten a lay off?
"Stand-by, I'm inverted"
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calgaryguy
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Jean-Pierre
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Re: Who's gotten a lay off?
Is WestJet laying off pilots at this time or just FAs and ground staff? I read more Encore FAs requested voluntary leave of absences than job reductions were required so they have no involuntary layoffs.
Re: Who's gotten a lay off?
remember EI is on a weekly cycle with no backdating. if you are laid off thursday have paperwork done friday, otherwise it goes in the pile next friday and you lose a weeks time.
