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Why Canada’s Hot Housing Market Is an Issue for Business Owners

With digital innovation high on their agenda, business owners today are in dire need of technical talent. In a KPMG Business Outlook poll in August last year, 79% of business owners said they need more workers with digital skills because the pandemic has changed the way they work. More than two-thirds (69%) said they plan to hire more employees in the next three years, including 24% who cited cyber security or information security as a top skill and 20 % who need workers in data analysis and analysis. ,

However, 68% of businesses said they are finding it difficult to hire people with the skill sets they need to develop. Fifty-two percent did not believe they would find the people they needed, and would consider hiring from outside Canada.

With declining fertility rates and Covid triggering earlier retirements, Canada is also betting on immigration as part of its broader plans for a post-pandemic economic recovery. To help address the shortage of skilled labor, Prime Minister Justin Trudeau’s administration set a target of introducing 401.00 new permanent residents in 2021; This year’s target is slightly higher at 411,000.

According to Statistics Canada, immigrants buy homes in large urban centers such as the Greater Toronto Area and Vancouver. The latest figures from the Toronto Regional Real Estate Board show that the median home price in the GTA exceeded $1.3 million in February; Based on the latest data from the Real Estate Board of Greater Vancouver, the home price index for all residential properties in Metro Vancouver crossed the same threshold.

The Infantry says it has taken some tax measures to help address the affordability issue. Bill C-8, which went through its first reading in the House of Commons last December, includes draft legislation for an underused housing tax. With the exception of certain exceptions, the value of residential property located in Canada will be subject to an annual tax of 1%, directly or indirectly, by persons who are neither citizens nor permanent residents of the country.

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