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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

13 August 2019

Canada lost 24,000 jobs, but the housing sector added 30,000 new positions

For those who still have doubts that Canadian real estate drives the national economy, recent job numbers could be a great example of this trend. According to Statistics Canada, the unemployment level was slightly up last month, as the economy lost 24,000 jobs. Nevertheless, the real estate and construction industries showed all-time high results, adding over 30,000 jobs.

Canada lost a few thousand jobs in July, marking the second monthly drop in a row. Last month, there were 19,030,000 employed in the country, which is down by 24,200 from June. It’s a 0.13% decline, although the number remains 1.89% higher than a year ago. Although Canada showed losses, we can still see growth.

12 August 2019

Housing affordability is improving in Canada

Although it’s really too soon to say housing has become affordable in Canada, the new data shows we’re heading in the right direction and at a good pace.

According to the National Bank of Canada, in the second quarter of 2019, the cost of owning a home, relative to income, showed the largest decline in 10 years.

The last time we’ve seen such an improvement was caused by a rapid slowdown during the crisis of 2008-09. This time, it’s all about decreasing mortgage rates and growing wages.

In 11 major cities, it would cost you 45.1% of an average income to afford a median-priced property. It’s lower than 48.7%, reported in Q1, but still much higher than 30%, when the housing is considered affordable.

In case of Toronto, the number fell from 63.2% to 58.1%, while Vancouver showed 76.6% - still too high, but lower than the previous 83.2%.

9 August 2019

Economists don’t expect rate changes until the end of 2020

The recent Bloomberg poll shows that most economists don’t expect the central bank Governor Stephen Poloz to change the key lending rate for another year or even longer.

Despite the latest concerns over an impending global recession and a tendency among the world’s central banks to cut rates, the survey says a majority of economists still believe the Bank of Canada will keep the rate at 1.75% until the end of 2020. Meanwhile, markets predict certain easing by that time.

Unexpectedly strong domestic economic results could be the reason why analysts don’t expect rate declines. While the global trade uncertainty increases, the main Canadian indicators keep outpacing the forecasts (including trade surpluses) with growth in Q2 also exceeding the expectations.

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13 September 2019

Federal parties are pressured to adjust B-20 before the election As October federal election is coming, Canadian real estate boards are demanding imp...Read more >>

12 September 2019

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11 September 2019

Most Canadians blame foreign buyers for home prices increase The recent poll by Equifax shows that almost two out of three Canadians consider foreig...Read more >>
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