Since the trade war started in April, Canada, a popular country which are welcomed by Hong Kong immigrants, has been hit hard. The additional steel and aluminum tariffs imposed by the United States on Canada have had a massive impact on the local job market. The national average unemployment rate has risen to 6.7%, and the unemployment rate in Ontario, where Toronto is located, has risen to 7.8%.
Toronto is Canada's most prosperous and largest economic and commercial center. The city is also the favorite place for young immigrants from Hong Kong to settle down. Coupled with the influx of immigrants from India and China, the city's housing prices had been soaring in the past decade until to the peak in 2022. Since then, both the epidemic and interest rate hikes bombarded the market, and destroyed it step by step. As a result, local housing prices have started to decline.
Three to four years ago, prior to the Toronto housing prices reached the peak, the property speculation was widespread. 
At that time, many developers launched a large number of high-priced condominium pre-sale projects, investors took advantage of the situation so that they buy in units in large numbers. Until last year, many speculators who bulk-buy units at high prices were unable to get the approved mortgage due to the sharp drop in housing prices. As a result, they have no choice but to sell these units at a big discount.
Until recently, Toronto’s unemployment rate has risen rapidly. A month ago, the local coffee chain Tim Hortons declared to recruit employees. At the interview date, hundreds of people lined up to wait for the interview. In the real estate market, transactions have shrunk, housing prices continue to fall, and public safety also has begun to deteriorate. In Chinese district such as Markham, car thefts have turned into car robberies. The local police chief had even called on citizens to leave their car keys at the entrance of the garage and allow thieves to steal cars smoothly. This suggestion was to prevent thieves from breaking into the houses to injure residents. Shooting and store robbery cases are also rising. The local Chow Tai Fook Jewelry in Pacific Mall was robbed three times within a year.
Canada's sales tax is 13%, and a 12% tip is required for F&B services. Shopping and dining expenses are remarkably high, and rent is not cheap. The monthly rent for a bedroom room is about HK$14,000, and the income tax rates are from 15 to 33%. New immigrants from Hong Kong who choose to settle down in Toronto, have to endure expensive expenditures monthly. If they want to buy a house for self-use, they have to save for years for the down payment.
In the coming two years, Canada's economic recession is inevitable. In addition, immigration policies are tightened. Those who are preparing the emigrate to Canada should be mentally prepared to tolerate tough times for years ahead.
