Stinky Jobs Report for February | Dr. Sherry Cooper

Katherine Martin • March 11, 2016

This article was written by DLC Chief Economist Dr. Sherry Cooper. 

There was no good news in the data released this morning for Canadian employment in February. While economists were expecting a 5,000 jobs gain, employment edged downward (-2,300) as gains in part-time work were offset by losses in full-time–the opposite of what we would like to see. In addition, the unemployment rate notched up another tenth of a percentage point to 7.3%, its highest level in three years.

The only demographic group to enjoy an uptick in employment was men aged 55 and older. For everyone else, job growth was stagnant. On a regional basis, employment declines were posted in Saskatchewan, New Brunswick and Prince Edward Island. British Columbia, the strongest province in the country, recorded an increase and there was little change in the remaining provinces. Employment growth in BC has outpaced the national performance since mid-2015 (see chart below).

The jobless rate in Alberta continued to climb as layoffs in the energy sector have dragged on. The unemployment rate in that beleaguered province is now 7.9%, compared to 6.6% in BC and 6.8% in Ontario where housing markets continue to boom. In vivid contrast, housing markets in Alberta, Saskatchewan and Newfoundland have slowed with the cutback in the oil industry.

The construction industry has been one of the bright spots in the economy. There were 34,000 more people working in that sector in February, although year-over-year, the number of construction jobs was virtually unchanged. Manufacturing jobs were little changed last month, but employment in manufacturing increased by 2.4% over the past year, mostly in Ontario, Quebec and BC. The weaker Canadian dollar has made Canadian manufactured products more competitive, improving exports, primarily to the U.S.

In other news released this morning by Stats Canada, household net worth continued to rise in the fourth quarter of last year as the value of financial assets outpaced the rise in household debt. The ratio of household debt to disposable income rose to 165.4% in the fourth quarter–up from 164.5% in Q3. The Bank of Canada has long been concerned about the rise in debt levels (chart below), the largest gains having occurred in BC, Alberta and Ontario as mortgage debt has risen sharply.

With interest rates likely to remain low for an extended period, more than 90% of households are in decent financial shape. The Bank of Canada estimates that roughly 8% of households have debt-to-income levels at or above 350 percent. These are generally younger households concentrated in Alberta, BC and Ontario. Highly indebted Albertans could be in trouble as unemployment has spiked in the wake of the oil shock. To date, however, mortgage delinquency rates remain very low in Alberta.

Katherine Martin


Origin Mortgages

Phone: 1-604-454-0843
Email: kmartin@planmymortgage.ca
Fax: 1-604-454-0842


RECENT POSTS

How to Finance Renovations When Buying a Home in Canada

By Katherine Martin • November 4, 2026
Can’t Find the Right Home After You’re Pre-Approved? There’s Another Option The best place to start any home purchase is with a mortgage pre-approval. It gives you clarity around your budget and lets you shop with confidence. But what happens when you’ve been pre-approved, you know where you want to live—and nothing suitable fits your price range? This is a common challenge, especially for first-time homebuyers. Before buyer fatigue sets in, it may be worth considering a different approach: buying a home that needs work and financing the renovations as part of your mortgage . What Is a Purchase Plus Improvements Mortgage? A purchase plus improvements program allows you to buy a property and include the cost of approved renovations directly in your mortgage. This can be a great solution if: You can’t find a move-in-ready home within budget You’re open to renovations You want to customize the home from the start It opens up more options and can help you get into a location or property that would otherwise be out of reach. How the Process Works While the idea is straightforward, the process itself is structured and requires planning. Here’s a high-level overview: Renovation quotes are required upfront You’ll need detailed quotes for the work you want completed before final mortgage approval. Renovations must add value The lender must be satisfied that the improvements will increase the property’s value accordingly. Funds are reimbursed, not advanced You pay for the renovations initially. Once the work is completed and verified by an appraiser, the lender reimburses you and adds the cost to your mortgage. With the right guidance, this process is very manageable—but it’s important to understand the steps before committing. Is This Program Right for You? Purchase plus improvements isn’t for everyone. Buying a home is already a big undertaking, and adding renovations can increase stress—especially if timelines, budgets, or contractors become challenging. That said, if you’re financially prepared and like the idea of shaping the home to fit your needs, this program can be an excellent way to get more value and flexibility from your purchase. Final Thoughts If you’re struggling to find the right home after being pre-approved, you may not need to lower your expectations—you may just need a different strategy. If you’d like to explore whether a purchase plus improvements mortgage makes sense for you, feel free to connect. I’d be happy to walk you through the process and outline exactly what this option would look like in your situation.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Katherine Martin • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.
© 2026 

Katherine Martin. All Rights Reserved.