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    Canada Just Saw 1 In 20 Businesses Close In A Month, Biggest Wave Since Pandemic

    Bytes Europe

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    18 Comments

    3. seeker-of-truthiness on

      “Construction and retail” are cited repeatedly as worst hit. Aka yet another $25 burger place and McMansion contractor. Well it’s an economic downturn, consumer spending is at an all time low. Add to that the compounding effects of the carbon tax going through the economy. Not hard to see why folks are holding onto their wallets.

    4. konathegreat on

      Can’t have anything to do with the current federal government and their policies.

      Nope.

      Businesses must be experiencing things differently.

    5. NoGrape104 on

      I own a painting company, primarily commercial/industrial. I use various websites and am in contact with several general contractors to source projects for me to bid on. Across the board, bidding opportunities have been 1/3 of normal, this year. It’s very slow for everyone, at least in southern Ontario.

    6. Hydraulis on

      Yet somehow, two non-confidence votes have failed.

      One thing is for sure: the rules of government do not serve the people as they’re meant to.

    7. RyanMay999 on

      Everything is such a rip off these days. It’s too bad, but it’s hard to support anything.

    9. Consistent_Guide_167 on

      The problem is people don’t have disposable income. So we default to not spending which leads to businesses failing.

      The wealth inequality is so large and rich people aren’t really spending at a small business.

    10. Temporary_Shirt_6236 on

      I’ve a feeling this is only going to get uglier. It’ll overwhelmingly be small businesses too, while small business makes up the majority of employers and the economy as a whole in this country.

    12. paradiseoffools on

      This blows. I’d like to point out that while certain factors in Canada specifically might exacerbate these issues here, generally issues of inflation and affordability are everywhere that follow a similar model. Go to r/australia or r/uk. I agree the government can do more systemic. We need to change systems. We need better laws around housing. I wonder how it’s going in like Finland. Probably better.

      And obviously I don’t think Poilievre is going to get us closer to Finland.

    13. Cool-Shoulder2104 on

      How much of this falls at the feet of Provincial premiers? We need to stop giving them a free pass all the time.

    15. chewwydraper on

      Who would’ve guessed, when housing takes up so much of peoples’ paychecks they spend less elsewhere in the economy.

    17. OldConsideration4351 on

      It has a lot to do with interest rates increasing, technically this is what’s supposed to happen when you raise them. 

    18. Ready_Elk8777 on

      As a small business owner in Canada, this hits way too close to home. I’ve been struggling to keep things afloat since the pandemic, and it feels like every month gets harder with rising costs and fewer customers. Seeing 1 in 20 businesses close in a single month is terrifying because I feel like I could easily be next.