Perhaps the most important statistic of the year, and one which could seal the deal on a July 12 interest rate hike, will be released at the end of the week.
All eyes will be on Statistics Canada’s June jobs report, employment numbers that will be released before the market opens on Friday morning.
Early signs suggest that employment will continue its healthy run.
In May, full-time jobs rose by 77,000, offsetting losses in part time work with a total gain of 54,500, and a unemployment rate of 6.6 per cent.
That’s close to its lowest level since 2008.
The Canadian dollar is up by more than two cents in recent weeks on anticipation of a new, more bullish stance by the Bank of Canada, and is holding at about 77 cents Monday morning.
Meanwhile the DOW continues its record run as bank stocks continue to outperform after results of government stress tests last week.
Mortgage expert warns homeowners of potential rate increase
A mortgage expert says the signs for an interest rate hike have been clear, but expects the growth to be gradual.
Angela Calla thinks there is no reason for homeowners to panic especially because the federal government has told Canadians to prepare for the increase, which should soften any financial blow.
Calla says, “even if you have a million dollar mortgage, you can expect that payment to go up $150 a month. We’ve been talking about interest rate hikes for seven years. So psychologically this will have more of an impact than it will monetarily.”
Calla advises anyone whose mortgage is coming up for renewal should look to find solutions a few months in advance.