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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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Toronto Condo Market Faces Historic Decline in Q3 Sales

 

The Toronto region’s condominium market is experiencing a significant downturn, with sales plummeting by 81% in the third quarter of 2024 compared to the same period last year. This dramatic drop marks the lowest quarterly total since the first quarter of 1995.

Only 567 new condos were sold in the third quarter, a stark contrast to previous years. This decline is not only a year-over-year issue but also represents an 87% decrease below the ten-year average for third-quarter condo sales.

Experts attribute this slump to a combination of factors, including rising interest rates, economic uncertainty, and a shift in buyer preferences towards other types of housing. The current market conditions have left many developers and investors concerned about the future of the condo sector in the Greater Toronto Area.

As the market continues to navigate these challenges, stakeholders are closely monitoring trends and potential policy changes that could help stabilize and revive condo sales in the coming quarters.


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