When the Job Market Slows Down: What It Could Mean for Your Mortgage

Hey friends,

Let’s talk about something that might not seem exciting at first—but trust me, it matters: Canada’s job market just hit the pause button.

In February, only 1,100 new jobs were added across the country. That’s a huge slowdown compared to the 91,000 we saw in December and 76,000 in January. If you’ve been feeling like things are a bit uncertain lately, you’re not alone—this report confirms that the economy is shifting gears.

What’s Going On?

Several factors are at play, including ongoing trade tensions and some tough winter weather that led to a drop in total hours worked (429,000 Canadians lost work hours during a particularly nasty storm week). Even though the unemployment rate stayed at 6.6%, fewer people are out there actively job hunting, which is a bit of a red flag for economists.

Some industries are still hiring—like retail, wholesale, and finance—but we’re also seeing job losses in key areas like tech, transportation, and professional services.

Why This Matters to You

Now, I know what you might be thinking: “Okay, but what does this have to do with me getting a mortgage?” Great question.

When job growth slows, the Bank of Canada often steps in to support the economy by lowering interest rates.

Translation? If you’re thinking about buying a home, refinancing, or consolidating debt, lower rates could mean more borrowing power and better affordability. That’s a win.

But—and here’s where I keep it real—economic slowdowns also mean that lenders might tighten their belts a bit. That’s why it’s more important than ever to have someone in your corner who understands the landscape and can guide you through it.

What Should You Do Right Now?

• If you’ve been on the fence about homeownership, this might be your sign to revisit your numbers. Lower rates could help you qualify more easily.

• If you already own, it could be worth exploring a refinance or locking in a lower rate while the opportunity’s hot.

• If your employment has been affected, don’t panic. There are still options, and I’m here to help you create a plan that works for your situation.

The mortgage world can feel overwhelming—especially when the economy throws curveballs—but you’re not in this alone. My goal is to help you make sense of it all, feel confident, and find the best possible path forward.

If you have questions about how these shifts could impact you or just want to explore your options, let’s chat. 💬

Until next time

Helping you build your future, one mortgage at a time.