Yesterday, the Huffington Post published an article headlined: Need A Job? Try Canada, Where Hiring Is Booming And Home Prices Are Rising. This news came amidst the Canada unemployment rate announcement that it's dipped below 8%. The jobless rate fell to 7.9%, a further drop from May. 93,000 full and part time jobs were created last month, far exceeded analysts' prediction of 15-20,000. Most of these gains are concentrated in the province of Ontario and Quebec.
According to Statistics Canada, employment has been on the upward trend since July 2009. The industries which contributed the strong gains are retail, wholesale trade, building construction, health care and the private sector. However, employment in manufacturing dipped, and reflect little change from the same period in 2009.
On the real estate front, due to increase inventory of homes on the market, Canadian home prices was up by 0.3% in May, with sales and home prices appear to be stablizing trending towards a more balanced market favoring buyers. Statistics from CREA reflected national average price of homes sold via Canadian MLS® Systems rose 8.5 per cent in May from a year ago. This is a moderate increase compared to the past nine months.
The next important date will be July 20, when Bank of Canada will make its rate announcement. Will interest rate go up due to our blowout data and signs of acceleration when the global economy is still soft?
Latest release from Statistics Canada July 9, 2010
CREA News June 16th, 2010