Alberta’s unemployment rate jumped from 7.2% to 7.8% in May due to the Fort McMurray fires. Ontario and Quebec each posted strong job gains in May (21,600), offsetting the effects of Alberta’s drop on the overall Canadian Unemployment rate. Calgary unemployment dropped a touch from 8.3% to 8.1%.
Todd Hirsch, chief economist at ATB, is optimistic that we may have reached the bottom of the recession in Alberta, as oil prices have become more stable lately. He recently speculated that this should contribute to improving Alberta’s unemployment rates in the coming months.
Full feature, 5 year fixed rates
~ Most Big Bank 5 year fixed rates are around 2.59%.
~ Most Monoline Lender* 5 year fixed rates are around 2.54%.
Basic Feature, 5 year fixed rates
~ Most basic feature mortgages are around 2.44%
~ Most Variable rates are around 2.35%.
*Monoline lenders are lenders that deal only in mortgages. They don’t sell RRSPs, or checking accounts etc. Mono = 1.
**These rates are generally competitive rates to give you a feel for where the market is at. Contact me for quick close deals and rate specials!
Calgary Key Market Indicators
~ WTI Crude Oil held at $49.07 this week (last week it was at $49.69).
~ Natural Gas is at $2.56 this week (last week it was at $2.47)
~ Canadian dollar is at $0.78 (last week it was at $0.78)
~ 5 Year bond fell a little further to 0.563 (last week it was at 0.625)
~ Year over year (yoy) inflation in Calgary from April 2015 to April 2016 was 1.4%, March and February were also 1.4% (2.0% in January).
~ Year over year Canadian inflation in April was 1.66% March was 1.27%. February was 1.36%. In January it was 2.01%. In December it was 1.61%. The Bank of Canada preferred bandwidth is 1.0% to 3.0%.
~ Calgary unemployment dropped a touch further to 8.1% in May. It was 8.3% in April. It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in May dropped slightly to 6.9%, from 7.1% in April.
~ Calgary’s population grew by 1800 in May.
“A few seeds makes a small harvest, but a lot of seeds makes a big harvest.”
– 2 Corinthians 9:6