News: Most Canadian office workers just want to stay home

In this week's Industry News (Week of 14 Mar 2022).

Most Canadian office workers just want to stay home | Financial Post Most Canadian office workers hope remote work is here to stay, a new survey by Amazon Business found. The findings reveal that the ability to work remotely and flexible work hours are now more important to employees than workplace culture, opportunities for growth, and in-office perks. "It’s clear that the role that the physical office plays in the day-to-day work and satisfaction of employees has changed dramatically during the pandemic," said Nick Georgijev, Amazon Business Canada’s country manager, in a press release. "We’re not going back to how things were before, and businesses need to adjust to the many operational realities that come with that." Half (50 percent) of those polled said they want to continue working mostly or entirely remotely after the COVID-19 pandemic, while over two-in-five (43 percent) said they are likely to look for a new job if their current employer mandated return-to-office full-time. In comparison, one-quarter (25 percent) said they prefer working mostly or entirely in the office and only one-in-eight (12 percent) said they want to work entirely at the physical workplace moving forward. "Canadian employers will need to consider not just how and when to bring their employees back to the office, but if they should… and how to set that talent up for success from anywhere if they don’t return entirely," said Georgijev. "Those that adapt best and quickest will have a strong advantage, particularly if they provide their teams the means to thrive while working remotely." Convincing workers to change their minds could prove costly for employers. The top incentives to entice workers to return to the office full-time are salary increases, flexible work hours, more vacation, and better benefits, the survey found. "Employers need to reconsider everything about their physical working spaces to meet the changing demands of their current and future workforce," said Georgijev. "That includes everything from their real estate footprint to procurement to technology and supplies." See the full article here.

Rental market proves robust housing supply dynamics help people find homes | Financial Post Owned and rental housing are two sides of the same coin, and they flipped quite distinctively during the pandemic: There were unprecedented increases in the prices and sales of owned housing across the country, while demand for rental housing grew slightly overall, yet slowed in some markets. The demand for rental housing grew in 2021 relative to the previous year, along with the resumption of economic activity, especially in sectors employing young workers, and rising immigrant inflows, according to a recent report by Canada Mortgage and Housing Corp. (CMHC). Fortunately, the increase in demand was met with an increase in rental supply that helped stabilize vacancy rates and rents during 2021. The rental housing market is supplied through two primary channels: purpose-built rental (PBR) housing and privately-owned condominium rentals. The PBR vacancy rate was 3.1 percent in October 2021, similar to the same period in 2020, but much higher than in 2018 and 2019. See the full article here.

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Shael Soberano, CFA Konfidis Inc. Chief Investment Officer

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