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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

8 September 2017

The unemployment rate in Canada keeps falling

In August, the Canadian economy created 22,000 new jobs: an increase in the part-time sector offset a decline in the full-time category.

According to Statistics Canada, the unemployment rate went down by 0.1% to 6.2%, marking the lowest level since October 2008, just before the financial crisis hit.

While there were 110,000 part-time jobs added last month, the full-time sector lost 88,000 positions.

The only province with a hike was Ontario, creating 31,000 jobs and reducing the local jobless rate to 5.7% - the lowest level since 2001.

7 September 2017

Toronto housing sales went down in August

Last month, the GTA home sales kept falling, as well as the listings, compared to a year ago.

According to the Toronto Real Estate Board (TREB), August sales were down by 34.8% from the same month in 2016.

This decline is only slightly lower than July’s numbers, which showed a 40% annual drop. The report says the number of high-end home sales were also down compared to a year earlier.

In addition to it, the number of new home listed fell by 6.8% on a year-over-year basis, reaching the lowest level for August since 2010.

6 September 2017

Unexpected rate increase from the Bank of Canada

Today, the central bank decided to raise its key lending rate by 0.25% to 1%, marking the second hike in 2017. As you know, the Bank of Canada raised the overnight rate in July after seven years without increases.

The BoC’s key interest rate affects lending rates that consumers get from other banks on mortgages, lines of credits, savings accounts and other financial products.

According to the Finance Minister Bill Morneau, the central bank is "reacting to a number of very positive economic signs."

"Last year, Canada has seen the strongest economic growth in ten years, and the job growth has been outpacing our forecasts. These are very positive signs, and the Bank is saying that when such things happen, it can raise the rate a bit," - Morneau noted.

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18 September 2017

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15 September 2017

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14 September 2017

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7676 Woobine Avenue Suite 300 Markham, ON L3R 2N2
2180 Steeles Avenue West, Suite 204, Concord Ontario L4K 2Z5
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