On the back of Canadian job-loss and employment data released today, major Canadian banks are telegraphing mortgage rates are about to rise. The stronger than expected domestic job numbers saw Canadian bonds ending dramatically lower on Friday. Canada's unemployment rate fell in September for the first time since the economic downturn began, to 8.4% from 8.7% in August. At the same time the country created 30,600 jobs, significantly more than the expected 5,000.
Look for Canada's 5 major banks to raise fixed rate mortgages over the weekend or early Tuesday next week (Monday is the Canadian Thanksgiving holiday).
Tuesday October 13th Update
As forecast all major Canadian banks raised their fixed residential mortgage rates over the weekend or this morning. Increases on fixed term closed mortgages ranged from 29 to 35 basis points (0.29% - 0.35%), and took the 5 year closed to 5.84%. See Calgary Mortgage Rates for all current rates.
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