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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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Ottawa Offers Early Retirement to Thousands in Effort to Downsize Public Service

 

People walk near the Place du Portage federal government complex in Gatineau, Que., in mid-November.


The federal government has begun notifying approximately 68,000 public servants that they may qualify for a new early-retirement incentive program, part of a broader plan to reduce the size of Canada’s public service. The initiative, announced under the 2025 budget, aims to cut about 40,000 positions from a peak of 368,000 jobs recorded in 2023–24.

Officials say the program is voluntary and designed to encourage natural attrition rather than impose layoffs, particularly on younger employees. Eligible workers will be able to retire earlier than usual without facing pension penalties, a move intended to make the offer more attractive. Departments will review applications to ensure that essential services remain intact.

The government has already reduced the workforce by roughly 10,000 positions over the past year through attrition and other staffing changes. By offering incentives now, Ottawa hopes to accelerate departures while avoiding disruptive cuts. Treasury Board officials emphasized that receiving a letter does not guarantee acceptance into the program, as applications will be vetted carefully.

This early-retirement initiative reflects the government’s broader effort to rein in spending and streamline operations. While unions and employees are still reviewing the details, the plan signals a significant shift in how Ottawa intends to manage its workforce in the coming years.

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