Real Estate News Headlines // March 20th 2015

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines.

Financial Post

Cory Troke joined the exodus west two years ago, leaving scenic but job-scarce Cape Breton, Nova Scotia, after being laid off as a machinist.
Troke, 37, headed to the Alberta oilsands, apprenticing as a pipefitter and finding 19 months of steady work, flying in for two weeks, returning home for one.
By October Troke was out of work again, and he was not alone. A downturn driven by tumbling crude prices is causing turmoil in an island economy that has grown dependent on workers commuting more than 3,000 kilometres west.
The Organization for Economic Corporation and Development is cutting its growth outlook for Canada this year and next, but acknowledging plunging oil prices will lead to lower interest rates — as they already have in this country.
“Overall, the near-term outlook remains for moderate, rather than rapid, world GDP growth. [But] real investment remains sluggish and labour is not yet fully engaged,” the OECD said in its interim economic assessment released Wednesday.
“Lower oil prices will boost global demand and have created conditions for many central banks to lower interest rates.”


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