Jeff Cody - Mortgage Architect

06/05/2026

Canadian employment up 87,800, jobless rate falls to 6.6%
Employment in Canada increased by a surprising 87,800 in May after a soft start to the year for the labour market, bringing the jobless rate down to 6.6%.



By Nojoud Al Mallees

(Bloomberg) — Employment in Canada increased by a surprising 87,800 in May after a soft start to the year for the labour market, bringing the jobless rate down to 6.6%.

The increase in employment was driven by full-time work and was observed across industries, Statistics Canada reported on Friday.

Economists surveyed by Bloomberg were expecting a modest 10,000 employment gain, and for the jobless rate to hold steady at 6.9%.

Still, the job growth in May only partially reversed a loss of 112,000 jobs in the first four months of the year.

While the labour force survey is notoriously volatile, the May report alongside a flash estimate for real gross domestic product in April suggest a potential rebound for the economy in the second quarter.

Statistics Canada reported last week that the economy contracted slightly over the first three months of the year — following a decline in the fourth quarter as well — but a preliminary estimate suggests it grew by 0.4% in April.

Friday’s job report marked the first significant employment gain since November 2025, the statistics agency said. It also noted that employment was up by 147,000, or 0.7%, on a year-over-year basis.

As well, the report carried good news for young people, who have been facing significant hiring challenges. The jobless rate for youth fell by 0.9 percentage points to 13.4%. The unemployment rate for returning students was also down 2.1 percentage points relative to May 2025, sitting at 18% last month.

Construction led the overall gains with a 27,000 increase in employment. Information, culture and recreation as well as transportation and warehousing added 19,000 jobs each.

Meanwhile, employment fell by 35,000 in wholesale and retail trade. StatCan noted employment in the industry has been in a downward trend since October 2025, with employment in May down by 64,000 compared to a year ago.

Employment increased the most in Ontario, rising by 42,000 and bringing the jobless rate down to 7% — the lowest it has been since September 2024.

Wage growth for full-time permanent employees increased by 3.2% annually, down from 4.8% in April and weaker than the 4.6% economists were expecting.

06/05/2026

Being self-employed doesn’t mean your mortgage options are limited, it just means you need the right approach. With flexible solutions and proper structuring, your income can be presented in a way that works in your favour.

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05/29/2026

High-interest debt can quietly hold you back from reaching your financial goals. For some homeowners, consolidating that debt into a mortgage can simplify payments and reduce overall costs. The key is doing it strategically.

Take control of your finances with a clear plan.

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05/22/2026

Refinancing can be a powerful tool when used strategically. Whether you’re looking to reduce monthly payments or access equity, the right approach depends on your goals. A personalised review helps ensure refinancing actually benefits you long-term.

Let’s evaluate your options properly.

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05/15/2026

Your mortgage renewal is a chance to improve your financial position, not just continue where you left off. Many homeowners accept the first offer without reviewing better options available to them. A quick comparison could lead to more flexibility or better terms.

Before renewing, take a smarter approach.

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05/08/2026

Not all mortgage rates are created equal, and neither are the terms behind them. Looking beyond the rate can help you avoid costly limitations later. A proper comparison across lenders ensures you’re choosing based on value, not just numbers.

Make informed decisions that support your future.

Explore your options: https://www.jeffcody.ca/

05/05/2026

Bank of Canada warns rates could rise if inflation spreads beyond energy costs
Macklem says policymakers are watching for signs that higher oil prices are feeding into broader inflation, while trade risks could still shift the outlook toward rate cuts



Bank of Canada's inflation outlook
Bank of Canada Governor Tiff Macklem said the central bank is prepared to raise interest rates if higher energy prices begin to push up inflation more broadly across the economy.

Speaking before the House of Commons finance committee, Macklem signalled the Bank is willing to look through the initial impact of rising oil prices, but drew a clear line around the risk of those pressures becoming more persistent.

“If energy prices stay high, we will not let their effects become persistent inflation,” he said. Macklem noted that rising gasoline prices, alongside still-elevated food costs, are “squeezing more Canadians,” reinforcing the near-term pressure on household budgets.

For now, the Bank expects inflation to peak around 3% before easing back toward its 2% target, based on current market expectations for oil prices. So far, policymakers see limited evidence that higher oil prices are feeding through more broadly into goods and services, but Macklem said it is “early days” and the Bank is watching closely for signs of that transmission.

The comments reinforce the Bank’s current stance following last week’s decision to hold its policy rate at 2.25%, while underscoring that further tightening remains a possibility, including the potential for consecutive rate increases if inflation broadens.

At the same time, Macklem emphasized that risks are not one-sided. If the outlook evolves as expected, he said any future changes in the policy rate are likely to be modest. But a sustained broadening of inflation pressures could prompt rate increases, while a weaker economy tied to trade tensions could require rate cuts.

Trade tensions and global uncertainty keep policy path fluid
Macklem pointed to the potential for renewed U.S. trade threats and upcoming negotiations around the Canada-U.S.-Mexico Agreement as key sources of uncertainty for the Canadian economy.

He also addressed the expected leadership change at the U.S. Federal Reserve, suggesting continuity in its policy approach despite the transition.

“I believe that the culture and the comportment of the Fed will continue as it has in the past,” he said.

The Bank continues to expect modest economic growth, with the labour market showing signs of softness and unemployment holding in the 6.5%–7% range.

05/01/2026

Buying your first home doesn’t have to feel overwhelming. When you understand your options clearly, every step becomes easier, from budgeting to choosing the right mortgage. Having expert support means fewer surprises and more confidence in your decisions.
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04/24/2026

Most people don’t realize how much their mortgage structure impacts their long-term finances. It’s not just about getting approved; it’s about choosing terms that support your goals years down the line. With expert guidance and access to multiple lenders, you can make a decision that actually works for you.

Start with clarity and confidence today.

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03/31/2026

Ever feel like you have to choose between a great mortgage rate and having options down the road? It’s a common worry—lock in a low rate, but what if life changes and you need to make a move?

The truth is, you don’t have to settle for a one-size-fits-all mortgage. There are ways to get a competitive rate and still keep the flexibility that fits your future plans. It’s all about knowing what to look for and asking the right questions.

Curious how to make it work for you? Drop a comment if you’ve ever wondered about your options, or give this post a like if flexibility matters to you.

Unlock expert strategies from a leading Ottawa mortgage broker to secure the best mortgage rate while maintaining flexibility in your financial planning. Empower your home buying journey with practical insights.