Canada COVID-19 Outbreak Special Report
Global Pandemic Weighs on Economy and Commercial Real Estate, Fueling Uncertainty and Reshaping Markets
Government works to cushion economy from COVID-19. Canada’s decade-long economic expansion was brought to a halt in the first quarter as the global spread of the novel coronavirus shook markets and caused unprecedented financial fallout for investors and businesses. The government has moved quickly to stabilize the economy, outlining new economic measures in response to the millions of workers who have filed unemployment claims and the businesses that have shut down to slow the spread of COVID-19. Emergency legislation has moved through Parliament, delivering $200 billion of stimulus, the largest social aid program ever passed in Canada. One of the primary actions being put into place includes a wage subsidy plan that will cover 75 percent of workers’ salaries for all companies that have posted a 15 percent reduction in revenue in March, illustrating the severity of the crisis and the unparalleled steps being taken.