Canadian jobs data was released on Friday and it was a bit of a mixed bag:
The BAD news: average wages grew 5.0% y/y vs. June's 4.2%—which doesn't help in the rate cut department.
The GOOD news: unemployment grew to 5.5%, an 18-month high. We've now seen job losses in 2 of 3 months.
Depending on how the Aug 15th inflation turns out, economists are currently not expecting the BoC to increase their overnight rate at their next scheduled meeting on Sept 6th.
With all the volatility in the market, we highly recommend starting conversations about mortgage renewals and pre-approvals at least 6 months in advance of your maturity and purchase dates. Give yourself lots of time so that you have more options available from which to choose.
As always, if you have any questions at all, please feel free to reach out to us anytime!
Keith Baker | kpbaker@shaw.ca | 604.723.5363
Jackie Zerbe | jacqueline@totalmortgage.ca | 604.724.6982
(@TotalMortgage.ca)