Canada’s economy added 76,000 jobs in January, bringing the unemployment rate down to 6.6%—a strong sign of recovery. Job growth outpaced expectations, reflecting increased economic activity despite ongoing trade uncertainties.
Why This Matters for Homebuyers & Homeowners:
✅ Stronger Job Market = More Financial Stability
A healthier job market can boost consumer confidence and improve mortgage approval odds, especially for first-time buyers.
✅ Interest Rate Cuts Still on the Table
Despite the job gains, the economy still faces challenges, including trade tensions with the U.S. Experts predict the Bank of Canada may still lower rates to further support the economy—potentially making borrowing more affordable.
✅ Inflation & Wage Growth Trends
Wages grew 3.5% year-over-year, slightly cooling from previous months. This suggests inflation is stabilizing, which could influence future rate decisions and housing affordability.
What’s Next?
With economic shifts happening fast, it’s crucial to stay ahead of mortgage rate changes and opportunities to lock in the best terms. If you’re thinking of buying, refinancing, or renewing, now is the time to assess your options before rates move again.
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