The latest Labour Force Survey from Statistics Canada gives us a clear snapshot of the Canadian economy as of March 2025—and while the headlines mention a dip in employment, the picture isn’t all bad.
Let’s take a closer look at what’s happening in the labour market, how it might affect Canadians’ financial confidence, and why now might be a smart time to explore your mortgage options with a broker who understands the full picture.
Employment Slips, But Stability Remains
In March, employment fell by 33,000 jobs, representing a 0.2% decline. The employment rate dipped slightly to 60.9%, while the unemployment rate rose to 6.7%—up just 0.1 percentage points from February.
While a drop in employment can sound alarming, it’s important to look at the details:
- The decline was concentrated among men aged 55 and older (-21,000 jobs), with little change among other groups.
- Employment grew in ‘other services’ (such as personal and repair services) by 12,000 jobs and in utilities by 4,200 jobs.
- Total hours worked actually increased by 0.4%, and on a year-over-year basis, total hours worked were up 1.2%—a sign that the overall demand for labour remains stable.
Wages Continue to Climb
A bright spot in the data: wages are still rising.
Average hourly wages increased by 3.6% year over year, reaching $36.05 per hour—up $1.24 from March 2024. This continued wage growth, even amid slight job market softening, is a strong signal that employers are still competing for talent and that household incomes are holding strong.
Ontario & Alberta See Losses—But Saskatchewan Gains
Geographically, the picture was mixed:
- Ontario lost 28,000 jobs (-0.3%) and Alberta saw a decline of 15,000 jobs (-0.6%).
- However, Saskatchewan added 6,600 jobs (+1.1%), showing that regional strength continues in parts of the country.
Nationally, employment changes were modest and not unexpected, especially given recent economic conditions and interest rate shifts.
What This Means for Homeowners and Mortgage Holders
Periods of economic uncertainty often lead Canadians to reflect on their financial position. And one of the most impactful areas to examine? Your mortgage.
Whether your income has changed, you’re feeling uncertain about the future, or you simply haven’t reviewed your mortgage terms in a while, refinancing might offer:
- Lower monthly payments
- Improved cash flow
- Access to home equity for renovations, debt consolidation, or major purchases
- Better alignment with your current financial goals
Even with interest rates still adjusting, refinancing can make a real difference—especially if you originally signed your mortgage when rates were lower and are now looking for stability or flexibility.
Talk to The Local Broker: A Local Solution in Changing Times
At The Local Broker, we understand that navigating mortgages during an uncertain economy can be overwhelming. That’s why we’re here to provide personalized advice, access to a broad range of lenders, and a deep understanding of the local and national trends affecting homeowners.
We’ll help you explore:
- Whether it makes sense to refinance now or wait
- How to structure your mortgage for long-term stability
- Options tailored for self-employed Canadians, those with variable income, or anyone looking for more control over their finances
📊 Start by running the numbers with our Mortgage Interest Calculator, or contact us directly for a free consultation.
Final Thoughts: Stay Informed, Stay Empowered
Yes, the job market is adjusting—but many of the fundamentals in Canada’s economy remain strong. Wages are growing. Hours worked are increasing. And for most Canadians, there are still good opportunities to improve their financial position.
If you’re thinking about your next move—financially or otherwise—start by reviewing your mortgage. You might be surprised by how much room you have to save or restructure.
And remember, you don’t have to do it alone.
The Local Broker is here to help you find the mortgage solution that makes sense—for today, and tomorrow.
