Maritimes buck national trend as Canada’s job market slows

Canada lost more than 68,000 jobs in September, but the Maritimes managed to avoid much of the national downturn.

The latest numbers from Statistics Canada show employment in Nova Scotia was essentially unchanged, while Prince Edward Island added 1,000 jobs. New Brunswick recorded a modest decline.

It’s a different picture from much of the country, where employment fell for the second consecutive month.

And there’s some encouraging news when you look beyond a single month.

Nova Scotia has added more than 16,000 jobs over the past year, while Prince Edward Island has gained approximately 3,500.

Halifax and Moncton show growth

A closer look at two of the region’s largest urban centres offers another perspective.

Halifax recorded nearly 5,000 more employed people compared with a year earlier. The city’s unemployment rate stood at 5.8 per cent in September, below both the provincial and national averages.

Moncton also posted gains, with approximately 1,200 more people working than a year ago. Its unemployment rate was higher at 7.6 per cent.

The interesting nugget here is that both cities are adding jobs, even as employment declines nationally.

What does this mean for housing?

A steady job market can be good news for housing, but it doesn’t solve the affordability problem.

For many prospective buyers, the biggest obstacles remain the cost of a home, qualifying for a mortgage and managing everyday expenses.

Employment matters because lenders need to know borrowers have the income to support their mortgage payments. A stable job and predictable income can make a significant difference when it comes time to qualify.

But a growing job market doesn’t automatically mean everyone is in a position to buy.

What about interest rates?

The national employment numbers give the Bank of Canada something else to consider ahead of its next interest rate decision.

A weaker job market can support the case for lower interest rates, provided inflation remains under control.

However, there’s no guarantee rates will move lower. The Bank of Canada looks at inflation, economic growth and several other factors before making a decision.

The bottom line

The Maritime job market is holding up relatively well compared with the national picture. Halifax and Moncton are showing employment growth, while Prince Edward Island recorded gains in September.

That’s encouraging, but it doesn’t mean the economic challenges facing homebuyers have disappeared.

Whether you’re buying your first home, renewing an existing mortgage or considering refinancing, understanding your options matters more than trying to predict the next interest rate announcement.

If you have any questions about your mortgage, get in touch with us at the Clinton Wilkins Mortgage Team! You can give us a call at (902) 482-2770 or contact us here.