The CEO of Eagle has a blog, and the latest entry might be of interest to some of you in the Toronto market. I’ll clip a couple choice quotes, or you can read more in his blog:
At this time last year, Canada was enjoying a 33-year low in unemployment with a rate of 5.9%, which, according to Stats Canada, has now risen to 6.1%. According to a recent Jobboom study, September was the Greater Toronto Area’s (GTA) ninth weakest employment month in 10 years, following the loss of 45,600 jobs over 3 months, across all industries. More specific to IT, the GTA is similar to other regions across Canada as it continues to have increased employment demands specific to certain skills, while others are experiencing slow-downs
The banking sector, feeling the hit from global economic events, is also seeing a slowdown in Toronto, while there is still healthy demand for consultants in other industries.
The entire IT industry is seeing a shift to more full time opportunities and many organizations in the GTA, like other parts of the country, are putting out contracts with the intent of offering full-time positions at the end of the term. Many contract consultants are becoming more accepting of these permanent jobs, potentially because of the economic slowdown or simply because they are at a stage in their life where they are seeking more stable employment. Other IT professionals are continuing to leave the Toronto area to seek contracts in other areas of the country – a trend causing some discomfort among hiring managers in the area.