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Canada’s latest jobs report surprised everyone

Canada added 75,000 jobs in July.

That’s more than four times the 16,500 jobs economists expected, according to Statistics Canada’s latest Labour Force Survey.

The unemployment rate also fell for the third month in a row, dropping from 6.5% to 6.4%. That’s the lowest it’s been in two years.

So, what does a jobs report have to do with real estate?

A stronger labour market can give people more confidence in their income and their plans. That matters when you’re deciding whether to buy a home, sell one or take on a new mortgage.

But the report doesn’t mean a big drop in borrowing costs is around the corner. The Bank of Canada’s policy rate remains at 2.25%, and stronger economic data gives the Bank less reason to lower it.

👉 For buyers, the takeaway is to work with the numbers available today instead of building your plans around a future rate cut.

👉 For sellers, renewed confidence could bring more buyers into the market, but pricing and local conditions still matter.

If you’re thinking about making a move, reach out. 

We’ll look at what’s happening in your neighbourhood and help you run the numbers.

Talk soon,
CHRIS, PATRIC, JULIE, JASMINE, KRISTI & BRELL

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WHAT ELSE WE ARE TALKING ABOUT

Self-employed and thinking about buying a home?

Being self-employed doesn’t keep you from buying a home, but it can make the mortgage process a little different. 

Instead of relying on W-2s and pay stubs, lenders may review your tax returns, business income, cash flow, and earnings history. They’ll also look closely at your net income after deductions, which means the income you report on paper may affect how much you can borrow.

 Our latest article explains what lenders typically want to see, which documents to gather, and what alternative loan options may be available. 

The earlier you understand your numbers, the more prepared you’ll be when the right home comes along.

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