AZ Digitals Blog

The Pandemic COVID-19 has been a cause of many job losses in Canada with high influences in Alberta, Nova Scotia & Ontario being in the top three. Post COVID-19 circumstances are changing slowly and gradually. However, the difference holds in areas of job prospects and housing affordability. These include Toronto, the Capital city of Ottawa, and British Columbia’s biggest City Vancouver. These smaller cities happened where the vacancies are hard to find in terms of job placements & better opportunities.

However, on the other hand, for immigrants to Canada, compact are offering good job opportunities, far more affordable housing prices & high quality of life. These are all the latest developments with respect to the new opportunities. These are the immigration opportunities that are provided by the Immigration Canada body IRCC for the promotional activity in smaller cities & towns.

With the help of lucrative migrant programs being offered, the IRCC’s priority is the promotion of migrants to smaller cities. Also, offers that are more beneficial for the migrants in terms of settlement aspects in vast land Canada. Holds vital elements especially post-pandemic COVID-19, a cause of financial devastation. Prior to the pandemic, job opportunities differ in current times. Hence, as they are now after the pandemic, i.e. known as the Post Pandemic era.

PROGRAMS IN PLACE FOR PROMOTING IMMIGRANTS TO SMALLER CITIES:

Canada’s Federal Govt. has realized the importance of new migrant policies for promoting immigrants to small cities. This is also a positive aspect for balancing the displacement of people in Canada and balancing the population density. The Atlantic Immigration Pilot (AIP), Rural & Northern Immigration Pilot (RNIP), and further plans to launch new programs such as Municipal Nominee Program (MNP), are examples of the steps taken by the Federal Govt.

Other similar examples of Promotion programs include the introduction of a new Regional Immigration Pilot by Govt. of Ontario. This program is from the Province Ontario, under its PNP in the year 2020. This will help immigration settlements in Ontario in smaller cities, for example, those near Toronto, such as Brampton.

GROWING JOB OPPORTUNITIES IN SMALLER CITIES:     

Finding suitable jobs is not only an advantage in Canada, it’s an opportunity to look for higher prospects and opportunities. Canada is truly a land of opportunities, however, the current circumstances have made things a bit hard for immigrants. Especially, in the bigger metropolis of Canada, the situation is not that good for new job opportunities. Like the bigger cities of Canada, immigrants must know that smaller cities are also well equipped. Furthermore, they can also offer excellent job opportunities as well. In fact, in most circumstances, they can have better opportunities to settle down. Most importantly, living costs are lower than what they are in bigger Canadian cities. This automatically gives higher growth opportunities to people as what they dream for their future while stepping in Canada.

Facts have shown that Canada’s unemployment rate stands at 5.7% which is a historically low figure. The factors being an aging population and a low birth rate. Talking in terms of the stats from the larger metropolis. The unemployment rates of the key destinations for fresh migrants are the following. Toronto 5.6%, Montreal 6.0%, Calgary 7.1%, and Vancouver 4.8%, as some of the larger cities in Canada. Toronto and Vancouver are closer to the national unemployment rate, i.e. 5.7%.

Other major factors for immigrants settling in smaller cities are housing affordability and living standards. In the two most appealing cities, i.e. Toronto and Vancouver, both are highly appealing, however, the cost of living is too high in terms of affordability. Comparatively, in recent years irrespective of COVID-19, the pandemic. The two cities have become slightly less affordable cities, especially due to the increase in the migrant population.

HOUSING AFFORDABILITY & THE LIFE QUALITY ASPECTS:

However, comparatively speaking in terms of housing affordability. The average rent for two-bedroom apartments is about $900 in Moncton & $600 in Trois-Rivieres. Also, includes $1,300 in Ottawa-Gatineau, $1200 in Winnipeg, and finally $1,100 in Saskatoon. All these cities are affordable in terms of housing affordability and the quality of life. As far as income levels are concerned in mini-cities in Canada. Even earning lesser than average earnings of Toronto and Vancouver won’t drastically affect the quality of life.

The Real estate sector in Canada has been currently undergoing some serious impacts. These are because of the latest developments from the COVID-19 scenario. These impacts are related to the pricing strategies in the real estate and changes in Govt.’s policies. In the midst of the spread of the COVID-19 pandemic, there are some positives that have been figured out.

There are millions of Canadians in the non-essential workforce that are working from home. For visiting the business & public places, there have been restrictions & bans imposed by the Govt. of Canada.

THE IMPACTS ON REAL ESTATE OF WORK FROM HOME:

Working from home has outlaid significant impacts on the real estate sector Canada in just a matter of few months. This is largely because of the reason that most people in Canada are restricted to their homes & the property prices have raised especially in the commercial sector. The real estate industry in particular is a prime example of the current circumstances, and the need is to take drastic measures to adapt to scenarios of ‘Business as Usual’. A term that determines that how the businesses must take place under normal circumstances. There are also some key changes in the way agents operate in conditions of work from home. This is also because it is an uncertainty that how the markets will perform in future.

According to the experts, as they have seen the most uncertain times. It’s hard to make predictions and evaluations like before. The question is “What can buyers and sellers expect from the markets during these most unpredictable times?”

THE LONG TERM EFFECTS:

How long will it take for the market to bounce back? A question that needs to be asked by investors in the Real estate business. It can take a year, two year or three years, that’s not the question, however, what’s concerning is how long these effects will damage Canadian real estate sector. In fact, the reality says that the fundamentals of the market i.e. particularly in the GTA and other major urban centers don’t change.

What’s more affected is the attitude of the buyers in the Real Estate business which cannot be affirmative unless things get better. The pessimist attitude means buyers in the Real estate markets are looking for things to get ‘Back to normal.’

FEARS OF A GLOBAL RECESSION:

Having the fears of a global recession is why most people’s attitudes have changed towards investments in the Real estate sector. A global recession just like something that happened in 2008-09 in Canada and impacted the Real estate sector is the fear of most people. This financial recession has not only impacted the attitudes, however, most interestingly it’s hard to predict a property performance. Therefore, the levels of risk associated are more than what they could have been under normal circumstances.

LIMITATIONS FOR CONSUMERS IN THE REAL ESTATE:

There are limitations for consumers in the real estate sector, and these limitations are in form of pricing strategies. The change in consumer behaviors means changing trends of the real estate market is affecting the consumer’s psychology.

Other limitations include the purchase of cottages for holidays, limitations imposed on rental property due to fluctuations in the purchase price. The consumer’s limitations also includes property predictions, as they are hard to make in these current times. They are unable to determine and evaluate the risks involved in selling and buying especially.

POSITIVE CHANGES IN GOVT’s POLICIES- CECRA:

The changes in Govt.’s policies are mostly linked up with COVID-19, the current pandemic for business owners. It has proved to be something positive after seeing so many lows because of the current pandemic. CECRA or Canadian Emergency Commercial Rent Assistance, provides relief for small businesses that are experiencing financial hardships in paying for their business property rent. A huge step from the Govt. to stabilise the situation in times of the pandemic, COVID-19. The program offered by the Govt. of Canada is also valid for those who have entered or will enter into a rent reduction agreement. Rent reduction, yet another positives amongst the Govt. policies is helping people reduce their rent payments through 75% payment re-reimbursements from the Canadian Govt. scheme known as CECRA.

Resource management, a field of business management & entrepreneurship that holds significant aspects for profitability reasons. The proper handling of resources while being in a management position is the biggest responsibility of the leadership. A CEO or President of a company is not only a vital think tank. But, also holds high impact decisions in his hands for a company’s success agendas. His real concern is not only profitability, but bringing sustainable aspects merged with profitability aspects.

While handling resources, the leadership must always be abreast of situations that can change dramatically in a company. It’s the role of the CIO or the CEO to evaluate company’s goals and its vision. Furthermore, its long term plans before bringing resource management into the hierarchies. Why resource management is important aspect for sustainability? A question that entrepreneurs usually ask themselves when making fruitful investments in their businesses. The simple and easy answer is for the long term vision of the company. For a visionary entrepreneur there are many benchmarks that needs to be accomplished. However, the most important ones is proper utilisation of resources while minimising the overhead costs. These practices of resource management are also incremental ones for quality management and quality assurance procedures.

1. PROPER UTILISATION OF RESOURCES:

The Utilisation of resources holds vital growth aspects for a fresh business that is struggling in its early days. “It’s NOT ONLY THE USE”, it’s the utilisation of resources that counts for an entrepreneur. This is vital in their vision to grow forward or way forward. The resources can include financial resources and managing critical assets. Also includes human resources, intellectual property and other all kinds of resources. Merged with the success of a business, these are the most ironic resources. While stepping into a business and making it sustainable, the necessary elements should be the essential resource planning.

2. ‘HRM’ & IT’S SUSTAINABILITY ASPECTS:

‘HRM’, or Human Resource Management is the ability to manage human resources of a company. The consideration is for sustainable developments and a corporate vision. Hence, vital investments in the Human Resources are key elements. These are in terms of training and development programs. Furthermore, also includes human resource planning being part of the two critical success factors. These factors concerns major growth prospects for the resources and how they can be an asset for the company.

After the identification of the vital strategic assets. What’s needed by the company’s growth should be the realisation for a short term company strategy. According to the sustainability aspects for human resources there are certain KPI’s that needs to be considered with higher weight-age. All these are aspects for the evaluation of performance management.

3. IMPROVING RESOURCES- A ‘QA’ PERSPECTIVE:

From a Quality Assurance perspective what’s necessary to evaluate is the question “How to improve the resources?” The resource management ‘Point of view’ also needs the vision for the constant improving of the resources and HOW? Investing time and money in the resources is a huge factor that will influence the measures attached to Quality assurance.

Part & parcel of the process is consistency in monitoring the resources and what’s best for the company in terms of long term investments. Consistent business management practices and maintaining the best practices is yet another dimension of creativity for successful resource management.

4. WHY IS IT IMPORTANT FROM PROFITABILITY ASPECTS?

Handling & managing the resources from profitability aspects is one of the aims of a CEO or the CIO of a company. The leadership not only holds measures that should include measuring improvements. Also includes the taxation, reconciliations, other account management, and seeing way beyond in time ahead. Thus, financial analysis for a leader is highly crucial for future decision analysis. Thinking from profitability aspects in the initial phase of any investment is the true sign of a successful & a visionary entrepreneur. It clearly signifies why profitability is the basic need for an entrepreneur’s vision for future success agendas ? Therefore, handling the resources properly for a successful business man is also vital for his future risks realisations. Finally, risk management is yet another significant aspect of proper resource management in an organisational culture.