Complete Mortgage Services is one of Canada’s premier mortgage companies. Our mortgage professionals and management team through knowledge & experience have extensive backgrounds in all types of financing and pride themselves on delivering exceptional financial service.
With over 30 years experience, our primary mandate is to obtain the Complete mortgage solution for each one of our clients. We treat every mortgage solution as if we were building a foundation for you – the solution we recommend will be designed for you specifically; carefully selected to meet your needs.
Last year alone our consultants helped thousands of people obtain, renew or refinance a mortgage. We are experienced, trained licensed mortgage consultants and active members in our local communities and industry associations.
After all, mortgage financing is one of the biggest financial decisions you may ever make. And with so many choices available in today’s marketplace, a Complete mortgage plan can assist you in reaching your financial goals and becoming mortgage free with ease!
Unemployment rate unchanged in October
Following two consecutive months of growth, employment held steady in October. The unemployment rate was unchanged at 5.5%.
On a year-over-year basis, employment grew by 443,000 or 2.4%, driven by gains in full-time work. Over the same period, total hours worked were up 1.3%.
In October, employment increased in British Columbia and Newfoundland and Labrador, and was little changed in the other provinces.
Employment was down for men in the core working ages of 25 to 54, and grew for the population aged 55 and over.
Employment declined in manufacturing and construction. At the same time, employment was up in public administration and in finance, insurance, real estate, rental and leasing.
The number of self-employed workers decreased, while the number of employees in the public sector increased for the second consecutive month.
Canada: Household Credit Growth Continues To Climb in September
CANADIANS BORROWING HAND OVER FIST
Total Canadian household credit growth continued to accelerate in September, reaching a pace last seen in mid-2018. Despite a slight deceleration from the previous month to 4.3% at a seasonally adjusted annualized rate (m/m saar), trend growth remains at elevated levels. Both mortgage and consumer credit growth contributed to the 68 bps slowdown from the prior month (46 bps and 22 bps, respectively), but borrowing conditions remain favourable overall with trend growth still in strongly positive territory.
RESIDENTIAL MORTGAGE CREDIT EXPANSION CONTINUES ITS ASCENT
Residential mortgage credit growth continued on its upward trajectory in September supported by favourable borrowing conditions and strong labour markets. Mortgage loan growth accelerated by 4.9% m/m saar in September, pushing the year-on-year trend growth rate to 4.2% y/ythe fastest pace since mid-2018, marking a well-pronounced recovery in the mortgage-borrowing market.
Canadas real estate market looks to be rebounding following a turbulent couple of years due to various policy announcements from 2017 to 2018 designed to cool the market. Mortgage borrowing has picked up through the second half of 2019 with the uptick in demand following a reduction in the mortgage qualifying rate in July and a decline in 5-year mortgage rates. With the Bank of Canada under pressure to continue to provide a stimulative environment following sustained levels of uncertainty, residential mortgage credit growth is expected to remain supported in the foreseeable-future.
Strength in Canadian labour markets has also been conducive to a favourable borrowing environment. Septembers surge in job gains contributed to a fall in the unemployment rate to 5.5%.
Source: Scotiabank
