Is 47k a reasonable salary for entry level these days?

In Ontario Canada. I just graduated in recently and have about combined 24 months of experience (doing internships every summer plus 16 month internship). had my return offer rescinded because the company is winding down operations due to the tariffs and relocating most of its work to the US. I’ve been aggressively searching since graduation and finally only have one offer. Should I take it? Is there likely room for growth? Is this a common salary for mechanical engineers when the economy is rough? It is below my past internship salary if that counts for anything.