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In this episode of The Canadian Mortgage Show, Alex Pang and Alex Shanks break down the latest economic and political shake-ups in Canada. From rising unemployment to looming interest rate cuts, and the potential collapse of the Liberal-NDP coalition, we cover it all. What does this mean for the real estate market and Canadian homebuyers? Tune in to find out!

Topics Covered:
Unemployment Hits 6.6% in August:

• Canada’s unemployment rate rose to 6.6%, with youth unemployment spiking to 14.5%.
• Discussion on how mass immigration and low-wage Temporary Foreign Workers (TFWs) are driving this trend.
• Little evidence of widespread layoffs, but with rapid population growth and minimal economic expansion, is this a warning sign?

Interest Rate Predictions:

• The Bank of Canada is expected to continue cutting rates, with a 50 bps cut on the table for October 23rd.
• We could see 5-year fixed rates at 3.99% soon (insured) and conventional 5-year fixed with a 3-handle by spring or early summer.

Political Drama: Jagmeet Singh Ends Coalition with the Liberals:

• What does the collapse of the Liberal-NDP coalition mean for Canada?
• Pierre Poilievre accuses Singh of holding out just to qualify for his pension, leading to the nickname "Sellout Singh."
• The NDP’s sudden opposition to the carbon tax could trigger an election this fall.
• The Bloc Quebecois is already making demands in exchange for their support, asking for taxpayer money to flow to Quebec.

Follow Our Hosts:

• Alex Pang
• Alex Shanks