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Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
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Canada’s Job Market Remains Steady in December 2023



Canada’s economy added just 100 jobs in December and the unemployment rate held steady at 5.8 per cent, according to Statistics Canada. Employment growth slowed in the second half of 2023, averaging 23,000 per month, compared with the first six months of 2023, when it averaged 48,000 per month. At the same time, average hourly wages increased 5.4 per cent year-over-year, following a rise of 4.8 per cent in November.

Canada’s job market remained steady in December 2023, with the economy adding just 100 jobs and the unemployment rate holding steady at 5.8 per cent, according to Statistics Canada. The data agency said that employment was virtually unchanged from November, following an increase of 25,000 jobs the previous month. Employment growth slowed in the second half of 2023, averaging 23,000 per month, compared with the first six months of 2023, when it averaged 48,000 per month. At the same time, average hourly wages increased 5.4 per cent year-over-year, following a rise of 4.8 per cent in November. This is a significant increase in wages, which could help to offset the slower employment growth in the second half of the year.


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