The metaverse is here to stay, Canadians say, and it's influencing how they shop
More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
Many Canadians believe the metaverse is the way of the future, according to new research by fintech company Afterpay Ltd.
The metaverse is a virtual reality space that some experts are calling the next version of the internet. Many companies have been using the space to showcase their products and connect with consumers in a much more interactive way than a traditional online marketplace.
The study interviewed more than 2,000 adults from the United States and Canada. It found that more than half of Canadians believe the metaverse will be part of everyday life within the next decade.
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More than half of Canadians believe the metaverse will be part of everyday life within the next decade, study says
Many Canadians believe the metaverse is the way of the future, according to new research by fintech company Afterpay Ltd.
The metaverse is a virtual reality space that some experts are calling the next version of the internet. Many companies have been using the space to showcase their products and connect with consumers in a much more interactive way than a traditional online marketplace.
The study interviewed more than 2,000 adults from the United States and Canada. It found that more than half of Canadians believe the metaverse will be part of everyday life within the next decade.
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That number is even higher among younger generations who grew up in the digital age: 60 per cent for gen-Zs and 70 per cent for millennials.
And it’s influencing the way consumers shop. The survey found that 60 per cent of Canadians are interested in buying real-world items in the metaverse. That compares with 70 per cent of gen-Zs and almost 80 per cent of millennials in North America.
According to the report, younger consumers are seeking an “omnichannel or nothing” shopping experience. Essentially, they “want more ways to shop – no matter what it is or where they are.”
The survey found that more than half (54 per cent) of gen-Zs in North America value brands that have both online and offline stores. A quarter of the generation has even abandoned a brand because their preferred method of payment was unavailable.
Over half of North American gen-Zs (57 per cent) and millennials (50 per cent) indicated that they have voice-shopped in the last year. Convenience, along with product reviews and ratings, were key reasons to shop online among gen-Zs. In fact, 40 per cent of gen-Zs said they were likely to ditch a brand because of a lack of reviews.
But the next generation of consumers is not giving up on brick-and-mortar stores, either. The report said that gen-Zs tend to shop more in-store for items they want immediately in order to avoid wait times and delivery fees.
They are also being mindful of information privacy while doing their shopping. More than 60 per cent of gen-Zs indicated that data protection is critical.
In addition, young consumers want to shop sustainably when possible. The survey found that more than 20 per cent have stopped buying from a brand because of sustainability reasons. A further 21 per cent of gen-Zs said they are likely to discontinue using a brand that has a poor reputation for sustainability.
“Gen-Zs have a complex set of values. They care deeply about the environment and want brands to move with purpose. However, they’re also seeking brands who can provide more seamless and convenient ways to shop through technology,” Ryann Carruthers, Afterpay Canada’s general manager, said in a press release. “The data suggests it’s complicated, and there is a disconnect between how gen Z acts and how they feel — businesses need to recognize this disparity.”
The study showed that Canadian consumers seem to prioritize sustainability more than their American counterparts. A brand’s commitment to eco-friendliness inspired loyalty among 49 per cent of Americans and over 58 per cent of Canadians.
The difference is even more prominent when comparing the younger generation: 72 per cent of Canadian gen-Zs said they try to shop sustainably in comparison to only about 50 per cent of their American peers.
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And it’s influencing the way consumers shop. The survey found that 60 per cent of Canadians are interested in buying real-world items in the metaverse. That compares with 70 per cent of gen-Zs and almost 80 per cent of millennials in North America.
According to the report, younger consumers are seeking an “omnichannel or nothing” shopping experience. Essentially, they “want more ways to shop – no matter what it is or where they are.”
The survey found that more than half (54 per cent) of gen-Zs in North America value brands that have both online and offline stores. A quarter of the generation has even abandoned a brand because their preferred method of payment was unavailable.
Over half of North American gen-Zs (57 per cent) and millennials (50 per cent) indicated that they have voice-shopped in the last year. Convenience, along with product reviews and ratings, were key reasons to shop online among gen-Zs. In fact, 40 per cent of gen-Zs said they were likely to ditch a brand because of a lack of reviews.
But the next generation of consumers is not giving up on brick-and-mortar stores, either. The report said that gen-Zs tend to shop more in-store for items they want immediately in order to avoid wait times and delivery fees.
They are also being mindful of information privacy while doing their shopping. More than 60 per cent of gen-Zs indicated that data protection is critical.
In addition, young consumers want to shop sustainably when possible. The survey found that more than 20 per cent have stopped buying from a brand because of sustainability reasons. A further 21 per cent of gen-Zs said they are likely to discontinue using a brand that has a poor reputation for sustainability.
“Gen-Zs have a complex set of values. They care deeply about the environment and want brands to move with purpose. However, they’re also seeking brands who can provide more seamless and convenient ways to shop through technology,” Ryann Carruthers, Afterpay Canada’s general manager, said in a press release. “The data suggests it’s complicated, and there is a disconnect between how gen Z acts and how they feel — businesses need to recognize this disparity.”
The study showed that Canadian consumers seem to prioritize sustainability more than their American counterparts. A brand’s commitment to eco-friendliness inspired loyalty among 49 per cent of Americans and over 58 per cent of Canadians.
The difference is even more prominent when comparing the younger generation: 72 per cent of Canadian gen-Zs said they try to shop sustainably in comparison to only about 50 per cent of their American peers.
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9 Tips for Finding a Bargain-Priced Home
No matter what your local housing market is like, there are always strategies for finding cheaper homes. Here are nine of them.
how to find cheap houses
Sure, competition for homes is cooling, but with mortgage rates climbing and home values still rising at a significantly higher pace than what was typical pre-pandemic, it may feel like finding a deal when buying a house is far from achievable. The good news: it’s not. We spoke with expert buyers agents to learn some of the best housing market hacks for finding lower-priced homes in your market. These strategies tend to apply no matter the pace of your local housing market, but talk to your agent to learn what approach(es) might work best for your own goals and budget. (More on that below.)
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No matter what your local housing market is like, there are always strategies for finding cheaper homes. Here are nine of them.
how to find cheap houses
Sure, competition for homes is cooling, but with mortgage rates climbing and home values still rising at a significantly higher pace than what was typical pre-pandemic, it may feel like finding a deal when buying a house is far from achievable. The good news: it’s not. We spoke with expert buyers agents to learn some of the best housing market hacks for finding lower-priced homes in your market. These strategies tend to apply no matter the pace of your local housing market, but talk to your agent to learn what approach(es) might work best for your own goals and budget. (More on that below.)
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Here are nine tips for bypassing bidding wars and raising your chances of finding an affordable home.
1. Look for homes that have been on the market for longer than 30 days.
There are deals to be had in houses that have been on the market for a few weeks. We can tell buyers looking for a more affordable house to start with properties that have been on the market for as little as 15 days. “For every 15 days, we can usually negotiate 2% to 3% off the purchase price,” . “Once it hits the 30-day mark, sometimes we can negotiate 5% to 10% off the price.”
2. Stay away from turnkey homes and extreme fixer-uppers.
You can save money by buying a house that’s not 100% move-in ready and doing a little work yourself. A bit of sweat equity can increase your buying power. But don’t go for a house that needs a gut reno unless you have a separate stash of cash saved for the work.
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1. Look for homes that have been on the market for longer than 30 days.
There are deals to be had in houses that have been on the market for a few weeks. We can tell buyers looking for a more affordable house to start with properties that have been on the market for as little as 15 days. “For every 15 days, we can usually negotiate 2% to 3% off the purchase price,” . “Once it hits the 30-day mark, sometimes we can negotiate 5% to 10% off the price.”
2. Stay away from turnkey homes and extreme fixer-uppers.
You can save money by buying a house that’s not 100% move-in ready and doing a little work yourself. A bit of sweat equity can increase your buying power. But don’t go for a house that needs a gut reno unless you have a separate stash of cash saved for the work.
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Home renovations are much more expensive, difficult and time-consuming than they appear on HGTV. With inflation pushing up prices for everything from lumber to labor, you might spend more than you planned to fix up a project house that looked like a bargain.
The sweet spot, budget-wise, is a home that’s between those extremes. Look for a middle ground with a home that needs a little TLC, not a total rehab. Keep an eye out for homes with no structural issues that need a little cosmetic work like removing popcorn ceilings, laying new carpet or repainting too-bright interior or exterior colors.
3. Shop lower-priced alternatives to traditional single-family homes.
Sure, a single-family home with a yard is the official North American Dream for many. But there are alternative ways to buy a home. Consider buying a condo, co-op or townhome where you share a wall with neighbors. Or think multi-family homes that allow you to split the homeowning costs with others. You could team up with friends to buy a home and pool your money for the mortgage, down payment and cost of upkeep.
Or, you could buy a duplex or triplex, live in one unit and use the rent from the others to help pay the mortgage. Another option is an accessory dwelling unit, also called an ADU or a mother-in-law suite, that shares a yard with a main house. ADUs have become popular in dense cities with no raw land to build more houses. They’re a good pick for first-time homeowners who don’t need a lot of space or empty nesters. Check out manufactured homes, too, which have come a long way from the days of the ugly doublewide and evolved into affordable homes with design cred.
4. Look for homes with less desirable features.
Your dream home may not be a 1960s split-level with a galley kitchen by a cemetery or a 1970s ranch house with a conversation pit near a busy road. But you can get more for your housing dollar if you accept a house that is, well, off-trend and not in the perfect location. Buying a house that is a bit less desirable can help you get into a neighborhood that might otherwise be out of your price range. Buying the worst house on the best block is a time-tested way to find a place to live without blowing your budget. Be sure you’re OK with the location you pick because you cannot change it. The 24-hour convenience store that will be your neighbor and helped push the house price down $20,000 isn’t going away once you close.
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The sweet spot, budget-wise, is a home that’s between those extremes. Look for a middle ground with a home that needs a little TLC, not a total rehab. Keep an eye out for homes with no structural issues that need a little cosmetic work like removing popcorn ceilings, laying new carpet or repainting too-bright interior or exterior colors.
3. Shop lower-priced alternatives to traditional single-family homes.
Sure, a single-family home with a yard is the official North American Dream for many. But there are alternative ways to buy a home. Consider buying a condo, co-op or townhome where you share a wall with neighbors. Or think multi-family homes that allow you to split the homeowning costs with others. You could team up with friends to buy a home and pool your money for the mortgage, down payment and cost of upkeep.
Or, you could buy a duplex or triplex, live in one unit and use the rent from the others to help pay the mortgage. Another option is an accessory dwelling unit, also called an ADU or a mother-in-law suite, that shares a yard with a main house. ADUs have become popular in dense cities with no raw land to build more houses. They’re a good pick for first-time homeowners who don’t need a lot of space or empty nesters. Check out manufactured homes, too, which have come a long way from the days of the ugly doublewide and evolved into affordable homes with design cred.
4. Look for homes with less desirable features.
Your dream home may not be a 1960s split-level with a galley kitchen by a cemetery or a 1970s ranch house with a conversation pit near a busy road. But you can get more for your housing dollar if you accept a house that is, well, off-trend and not in the perfect location. Buying a house that is a bit less desirable can help you get into a neighborhood that might otherwise be out of your price range. Buying the worst house on the best block is a time-tested way to find a place to live without blowing your budget. Be sure you’re OK with the location you pick because you cannot change it. The 24-hour convenience store that will be your neighbor and helped push the house price down $20,000 isn’t going away once you close.
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5. Consider putting an offer on a contingent house.
In real estate, contingent homes mean the seller has accepted a buyer’s offer, but the sale won’t go through until certain criteria are met. Guess what? Contingent home deals can fall through. If financing falls through, the appraisal comes in low or the home inspection turns up a surprise, the house may go back on the open market. If you have a backup offer in place, it goes to you. You can swoop in and get the house before other buyers know it’s available. You’ll have to move fast if a contingent deal falls through and the house drops into your lap, but you’ll not have as much competition for it. That’s because most buyers scroll past a listing marked “contingent” because they don’t know they can make an offer. You might be able to swoop in and get a deal.
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In real estate, contingent homes mean the seller has accepted a buyer’s offer, but the sale won’t go through until certain criteria are met. Guess what? Contingent home deals can fall through. If financing falls through, the appraisal comes in low or the home inspection turns up a surprise, the house may go back on the open market. If you have a backup offer in place, it goes to you. You can swoop in and get the house before other buyers know it’s available. You’ll have to move fast if a contingent deal falls through and the house drops into your lap, but you’ll not have as much competition for it. That’s because most buyers scroll past a listing marked “contingent” because they don’t know they can make an offer. You might be able to swoop in and get a deal.
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6. Look at foreclosure auctions.
If a homeowner cannot pay their mortgage and defaults on their home loan, the lender can put it on the market as a foreclosure. These houses are listed publicly by city, county or state agencies, depending on local law, and sold at auction where you can pick up a deal. You should hire an agent specializing in foreclosures who can walk you through the buying process.
7. Find an agent who is an expert in the area where you want to live.
If you know what area of a city you want to be in, find an agent who is in the area. They often know about houses coming up for sale before they hit the MLS. They may be able to connect you directly to a seller because they have an ear to the ground. “We know just by talking to people and working our connections when someone is going to sell,”.An agent who knows a neighborhood saves you money because, essentially, if you can get to the seller first, it might mean you avoid competition from other buyers that drives up the price of the home.
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If a homeowner cannot pay their mortgage and defaults on their home loan, the lender can put it on the market as a foreclosure. These houses are listed publicly by city, county or state agencies, depending on local law, and sold at auction where you can pick up a deal. You should hire an agent specializing in foreclosures who can walk you through the buying process.
7. Find an agent who is an expert in the area where you want to live.
If you know what area of a city you want to be in, find an agent who is in the area. They often know about houses coming up for sale before they hit the MLS. They may be able to connect you directly to a seller because they have an ear to the ground. “We know just by talking to people and working our connections when someone is going to sell,”.An agent who knows a neighborhood saves you money because, essentially, if you can get to the seller first, it might mean you avoid competition from other buyers that drives up the price of the home.
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8. Understand that the highest offer doesn’t always win.
Don’t walk away from a house with other bidders because you figure there’s no way you’ll have the cash to make the highest offer. Sometimes the high offer falls through, and sometimes sellers are looking for something other than top dollar — like flexibility on when they move. “I’ve had sellers work with buyers on the price if the buyer would let them stay in the home while they find another place to live,”.
We have done deals where the seller stayed in the house up to 10 months after the deal closed. “A buyer who can be patient with timing is often more desirable to a seller. That gives the seller time to figure out where they will go without pressure. Perhaps they could have gotten more money on the open market but to (the seller), being able to move on their timeline was more important.”
9. Don’t forget to explore government-sponsored programs.
This tip won’t help you find cheap houses per se, but it may help make your mortgage payment for your home more affordable. There are a range of local and federal government programs aimed at helping first-time homebuyers, public service workers, veterans and low-income earners.
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Don’t walk away from a house with other bidders because you figure there’s no way you’ll have the cash to make the highest offer. Sometimes the high offer falls through, and sometimes sellers are looking for something other than top dollar — like flexibility on when they move. “I’ve had sellers work with buyers on the price if the buyer would let them stay in the home while they find another place to live,”.
We have done deals where the seller stayed in the house up to 10 months after the deal closed. “A buyer who can be patient with timing is often more desirable to a seller. That gives the seller time to figure out where they will go without pressure. Perhaps they could have gotten more money on the open market but to (the seller), being able to move on their timeline was more important.”
9. Don’t forget to explore government-sponsored programs.
This tip won’t help you find cheap houses per se, but it may help make your mortgage payment for your home more affordable. There are a range of local and federal government programs aimed at helping first-time homebuyers, public service workers, veterans and low-income earners.
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Forwarded from خرید و فروش املاک در تورنتو
List of Townhouses and Houses in Richmond Hill - Westbrook
For more information and to receive rental houses photos, please call:
☎️ 647-772-9502
Hojjatollah Izady, Realtor
hoizady@yahoo.com
ليست تاون هاوس ها و خانه های فروشی در شهر ريچموندهيل - وست بروک
جهت كسب اطلاعات بیشتر و دريافت تصاوير خانه ها با شماره تلفن زير تماس بگيريد :
☎️ 647-772-9502
حجت اله ایزدی، کارشناس املاک
hoizady@yahoo.com
.
For more information and to receive rental houses photos, please call:
☎️ 647-772-9502
Hojjatollah Izady, Realtor
hoizady@yahoo.com
ليست تاون هاوس ها و خانه های فروشی در شهر ريچموندهيل - وست بروک
جهت كسب اطلاعات بیشتر و دريافت تصاوير خانه ها با شماره تلفن زير تماس بگيريد :
☎️ 647-772-9502
حجت اله ایزدی، کارشناس املاک
hoizady@yahoo.com
.
Forwarded from خرید و فروش املاک در تورنتو
Market Watch Infographic for July 2022
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
Forwarded from خرید و فروش املاک در تورنتو
Media is too big
VIEW IN TELEGRAM
New Condo development by Block Developments located at Dufferin St & Queen St W, Toronto.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
بهترین موقعیت مکانی برای خرید ملک در GTA:
دو نکته بسیار تاثیرگذار در بازار فعلی مسکن:
وارد شدن به فاز جدید در بازار املاک مطابق با گفته بانک RBC
تعداد بالای کنسلیها در مارکت امروز (حدود 643%)
در بازار کنونی، فروشندگان بیشتر املاک خود را از مارکت خارج کرده و استراتژی جدیدی در پیش گرفتهاند. این موضوع میتواند برای سرمایهگذاران یک فرصتی طلایی باشد، به گونهای که در زمان، مکان و موقعیت مناسب، خرید عالی و پرسودی تجربه کنند.
با توجه به شواهد و آمارهای موجود، در حال حاضر، بهترین زمان برای خرید ملک است.
--------------------
Have an unanswered question regarding real estate?
Contact me:
📞 647-772-9502
📧 hoizady@yahoo.com
.
دو نکته بسیار تاثیرگذار در بازار فعلی مسکن:
وارد شدن به فاز جدید در بازار املاک مطابق با گفته بانک RBC
تعداد بالای کنسلیها در مارکت امروز (حدود 643%)
در بازار کنونی، فروشندگان بیشتر املاک خود را از مارکت خارج کرده و استراتژی جدیدی در پیش گرفتهاند. این موضوع میتواند برای سرمایهگذاران یک فرصتی طلایی باشد، به گونهای که در زمان، مکان و موقعیت مناسب، خرید عالی و پرسودی تجربه کنند.
با توجه به شواهد و آمارهای موجود، در حال حاضر، بهترین زمان برای خرید ملک است.
--------------------
Have an unanswered question regarding real estate?
Contact me:
📞 647-772-9502
📧 hoizady@yahoo.com
.
With a professional team in the field of buying and selling your dream home, we are with you from beginning to end.
Services offered:
- Offering loans with the lowest interest rate available in the market
First, Second, Third Mortgages
- Free Home Evaluation of your home
- Finding your dream home according to location and budget
- Accessing complete market information to make the right decisions when buying or selling a home
- Special services for First Time Home Buyer
- Buying a house for investment property
- Newcomers to Canada
Non-Resident Canada Non-Resident
- Renovation services
Ways to contact us via phone, email, WhatsApp, Facebook, Instagram and Telegram ☎️
+1 (647) 772-9502
hoizady@yahoo.com
Website:
https://www.homelifecimerman.com/Hojjatollah-Izady
Facebook:
https://www.facebook.com/Hojjatollah.Izady
Instagram:
https://www.instagram.com/ihoizady/
WhatsApp:
https://wa.me/message/72TR24AJCPDPJ1
Telegram link:
https://t.me/Buy_and_Sell_Property_in_Toronto
.
Services offered:
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Rising costs threaten small business recovery, CFIB says
Bankruptcy data doesn't tell whole story of threat facing businesses, group says
Canadian small businesses are at greater risk of going under than federal bankruptcy data suggests, as rising operates costs complicate their efforts to recoup losses from the pandemic, a business lobby group said Thursday.
Inflation and labour shortages are just some of the factors sapping businesses’ ability to get back to normal, according to the Canadian Federation of Independent Business, which release a report on the recovery. In an interview, CFIB president Dan Kelly said the burden will grow further by the end of the year, as business owners will see another increase in Canada Pension Plan and employment insurance payments
.
Bankruptcy data doesn't tell whole story of threat facing businesses, group says
Canadian small businesses are at greater risk of going under than federal bankruptcy data suggests, as rising operates costs complicate their efforts to recoup losses from the pandemic, a business lobby group said Thursday.
Inflation and labour shortages are just some of the factors sapping businesses’ ability to get back to normal, according to the Canadian Federation of Independent Business, which release a report on the recovery. In an interview, CFIB president Dan Kelly said the burden will grow further by the end of the year, as business owners will see another increase in Canada Pension Plan and employment insurance payments
.
“Many business owners are saying they just can’t hang on anymore,” Kelly said, noting that even businesses that have gone back to normal levels of sales may still be unprofitable because costs are so much higher than what they were in the past.
In its report Thursday, CFIB said more than half of business owners they surveyed are yet to return to “normal” pre-pandemic revenue levels, while nearly two out of three are still carrying pandemic debt. It said only 10 per cent have been able to pay debt back in full.
He said a number of businesses stayed around during the pandemic thinking they would be able to live and fight another day but they’re quickly realizing that may not be possible.
“We’ve seen increases on almost every line of a business’s budget and that’s really taking their ability to earn a profit,” he said.
The group noted a lot of businesses are now running out of money they borrowed during the pandemic, including Canada Emergency Business Account (CEBA) loans. It also said more than one in six Canadian small business owners say they are considering going out of business.
The main focus of the study though, is how unreliable official bankruptcy data can be when looking at the state of Canadian small businesses.
.
In its report Thursday, CFIB said more than half of business owners they surveyed are yet to return to “normal” pre-pandemic revenue levels, while nearly two out of three are still carrying pandemic debt. It said only 10 per cent have been able to pay debt back in full.
He said a number of businesses stayed around during the pandemic thinking they would be able to live and fight another day but they’re quickly realizing that may not be possible.
“We’ve seen increases on almost every line of a business’s budget and that’s really taking their ability to earn a profit,” he said.
The group noted a lot of businesses are now running out of money they borrowed during the pandemic, including Canada Emergency Business Account (CEBA) loans. It also said more than one in six Canadian small business owners say they are considering going out of business.
The main focus of the study though, is how unreliable official bankruptcy data can be when looking at the state of Canadian small businesses.
.