October 11, 2013- According to Statistic Canada, Canada added 11,900 jobs in September and the unemployment rate dropped to a five year low of 6.9%, mainly because fewer youths were looking for jobs.
The gain was greater than the 10,000 new jobs predicted by market analysts. The jobless rate which stood at 7.1 percent in August, touched the lowest since 6.8 percent recorded in December 2008.
In September, Canada added 23,400 full-time jobs and lost 11,500 part time jobs. Since September 2012,the economy has added 212,400 positions, an increase of 1.2 percent.
Finance Minister Jim Flaherty recently said that the Canadian economy was growing at what he called a modest rate. The job report suggests there is still plenty of slack in the economy and is unlikely to put any pressure on the Bank of Canada to raise rates soon. It has held its key rate at a near record low of 1 percent since September 2010.
The news about the low unemployment rate, combined with continued affordable mortgage payments are key factors that suggest that residential home sales will remain strong in the last quarter of 2013
Henry L Lam
Century 21 Leading Edge Realty Inc. Brokerage
Dir: 416 558 1508