Where will we see growth in the next 6 months?

QMF staffing & labour report October 2024

Since we experienced Covid, every single year has been uncertain, one way or the other. It had become increasingly difficult to forecast what is to come, even in the coming quarters.

This is why we created the QMF (Quarterly Market Forecast), which will guide staffing and recruitment companies and personnel through what to expect in the coming 6 months. This matrix is designed to give a sense of where the major Canadian industries are going within the top 7 largest provinces in the country in terms of labour market & economic growth.

With no further ado, let’s dive in the first edition of QMF:

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Note on growth:

• -2: unfavorable situation

• -1: somewhat unfavorable situation

• 0: neutral situation

• +1: favorable situation

• +2: very favorable situation

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ONTARIO

6 months outlook: negative (-)

A difficult 2025 is profiling ahead for Ontario. Between the study permit caps and the new temporary foreign worker targets (for which the province is the largest user), demand for good and services will not be able to grow and keep the province afloat as it had been the case (and the only reason why we have not had a recession yet).

Along with BC, Ontario has the most interest rate-sensitive population in Canada and the spectre of mortgage renewals is bringing retail sales down.