From the Bank of Canada's steady hand to a surge in housing starts and Ottawa's new financial crime-fighting agency — here are the five money stories every Canadian should have on their radar this morning. 1 Bank of Canada Rate Holds at 2.25% — Next Decision June 10 The Bank of Canada kept its overnight rate at 2.25% on April 29 and has signalled it intends to stay put for now. Governing Council is keeping a close eye on Middle East conflict spillover into energy prices, ongoing U.S. tariff uncertainty, and whether inflation — currently hovering just above the 2% target — becomes entrenched. Bond markets are currently pricing in roughly an 18% chance of a 25-basis-point cut by the July 15 announcement, making a move at the June 10 meeting unlikely. 💡 What it means for you: Variable-rate mortgage and HELOC holders can exhale — no surprise hikes on the horizon. But don't expect big rate relief either; the "lower-for-longer" window appears to be closing. 2 Mortgage...
In a welcome development for the Canadian economy, the labour market added 37,300 jobs in January. This surge in employment comes as a breath of fresh air, especially considering the challenges posed by the pandemic and economic fluctuations.
Key Highlights:
Unemployment Rate Declines: The unemployment rate dipped to 5.7 per cent, marking the first decline since December 2022. This positive trend signals a potential recovery and renewed confidence in the job market.
Part-Time Work on the Rise: The increase in jobs was primarily driven by a surge in part-time employment, which saw a gain of 48,900 positions. However, the number of full-time jobs experienced a slight decline of 11,600 during the same period.
Economic Resilience: Despite global uncertainties, Canada’s economy continues to demonstrate resilience. The labour force’s adaptability and employers’ willingness to hire contribute to this encouraging trend.
As we move forward, it’s essential to monitor these developments closely. While the current data paints an optimistic picture, sustained efforts are necessary to ensure stable and inclusive growth.
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