Toronto’s real estate market watches closely as a surprisingly strong Canadian jobs report for November all but confirms the Bank of Canada will hold its key interest rate steady at 2.25% in December. The economy added approximately 54,000 jobs, pushing the unemployment rate down to 6.5%, the lowest since mid-2024. While youth and part-time work led the gains, with healthcare and social assistance seeing significant hiring, some sectors like wholesale and retail trade experienced losses. Economists suggest this robust data, combined with moderate GDP growth, makes an imminent rate cut unlikely, while a hike remains a high bar. For GTA mortgage professionals and homebuyers, this signals a period of continued rate stability, shifting the focus to managing renewals in a restrictive environment. Read the full story on mpamag.com to stay informed on this developing situation and how it may impact your real estate decisions.
Read the original story here: https://www.mpamag.com/ca/news/general/jobs-surprise-likely-confirms-a-boc-rate-hold-in-december/559168
