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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

9 September 2019

Strong employment results push housing activity higher

Following three consecutive months of weak performances, Canada has finally added 81,000 new jobs in August.

Such a gain exceeded the previous forecasts of just 20,000 new positions. As a result, the number of new jobs created during the previous 12 months reached 471,300, marking the largest annual hike since 2003.

According to Bloomberg, the unemployment rate is only 5.7%.

CIBC World Markets chief economist Avery Shenfeld says it points to Canada’s robustness against the impact of global trade uncertainties, and the Bank of Canada has more reasons now to keep the rate unchanged in October.

“In case the central bank has been considering a rate cut, such jobs results could make the Bank change its mind and remain on pause”, - he noted.

This performance had a positive influence on potential buyers’ purchasing power, as home sales were up in Canada’s largest markets lately. It shows that the Canadian buyers have adjusted to the impact of the stress test.

The Toronto Real Estate Board says home sales in the GTA rose by 13% annually last month. New listings were down by 3%, and the average home price rose by 3.6% on a year-over-year basis to $792,611.

At the same time, home sales in Vancouver showed an annual increase by 15.7%, although the average price fell by 8.3% to $993,300. It’s the lowest number since May 2017, the Real Estate Board of Greater Vancouver says.



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