After a string of months with barely positive or back-tracking employment change, Canada struck it rich in October, +108,000 jobs. The biggest portion of the +108,000 gain was provided by services jobs, +63,000 according to, but manufacturing and construction also had good hiring months, +24,000 and +25,000 jobs respectively.
The NSA total Canada unemployment rate calculated according to the same more stringent methodology as is used in the U.S. also moved down slightly, to 3.7% from 3.8% in September. ‘R-3’ U as it is known, at 3.7%, was pretty close to the U.S. comparable figure of 3.4%. There are lots of good reasons for expecting a significant fall-off in housing starts in Canada. Mortgage rates are climbing. Home prices seem prohibitively expensive. Household debt has risen through the stratosphere. Development charges imposed by municipalities are being ratcheted upwards. And regulatory steps have been taken to discourage foreign buyers.
Canadian housing starts in September were 299,589 units seasonally adjusted and annualized . That was the highest monthly number this year. It was the fourth best result ever. September 2022’s 300,000 units rounded was 50% more than the long-term average of 200,000 units.It’s quite likely there will be a tailing off of Canadian housing starts in the period of general economic slowdown ahead. But also know that there is considerable support coming on the demographic front.
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