Canada’s job market just hit a bump—and it might actually mean good news for mortgage shoppers.
Let’s break it down:
📉 Canada lost 33,000 jobs in March
That’s the largest monthly drop in employment since January 2022, pushing the unemployment rate up to 6.7%.
👥 That’s nearly 1.5 million Canadians out of work—an increase of 36,000 from February, and 167,000 more than a year ago.
The sectors hit hardest?
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Retail and Wholesale
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Construction
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Agriculture
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Manufacturing
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Information, Culture, and Recreation
🔧 Most of the decline came from private-sector jobs, which fell by 48,000. Full-time work also slipped by 0.4%, while public-sector jobs stayed pretty steady.
What does this mean for your mortgage?
🏡 Good news might be coming your way.
With the job market softening, economists say the Bank of Canada may lower interest rates again—possibly as soon as April 16. Lower rates could mean lower monthly mortgage payments, or a better opportunity to refinance.
🇺🇸 And yes, part of the slowdown is tied to new tariffs from the U.S.
Recent trade tensions have businesses holding back on hiring and investing, which adds more pressure on the economy.
For context:
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25% tariffs on Canadian goods not meeting CUSMA terms
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10% tariffs on Canadian energy
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25% on steel, aluminum, and even autos not made in the U.S.
This uncertainty is prompting many companies to pause on expansion—and that ripple effect is showing up in the job numbers.
Should You Be Worried?
Not necessarily. In fact, if you’re a homebuyer, homeowner, or looking to renew, this could open the door to more favourable borrowing conditions.
👀 A weaker job market might not sound ideal, but if it leads to rate cuts, it could be a great opportunity to secure a better mortgage.
Need help navigating the market? We’re here to guide you through it—clearly, confidently, and with your goals in mind.
