Good afternoon, everyone. A friend recently celebrated her birthday with a very specific mission: spend the day travelling around Toronto collecting as many birthday "freebies" as possible. Between 10 a.m. and 5 p.m., she scored cookies, doughnuts, ice cream, bagels, beverages, sandwiches and more.
"Now I have a million different desserts in my fridge," she told me afterward while thawing a cookie. The only catch is that some companies require birthday recipients to sign up for a free membership program or app in advance.
The free food wasn't the only reward. It felt like a little adventure around the city, she said, with strangers sending her warm birthday wishes at every turn. Maybe the best things in life really are free.
In today’s newsletter:
The unemployment rate ticks down
BoC continues its holding pattern
Realtors give cash back
Oil prices are up again
Travellers trade hotels for home swaps
— Leah Golob
Canada’s unemployment rate edges down
Canada's job market is improving — slightly. The unemployment rate fell 0.1 percentage points to 6.5 per cent in June as the economy added roughly 18,000 jobs, mostly fuelled by part-time work. Hiring in accommodation and food services was boosted by the FIFA World Cup, while manufacturing continued to struggle, losing 17,000 jobs in June as U.S. tariffs put pressure on the sector. Despite the recent rebound, an Oxford Economics economist expects the labour market will face headwinds in the second half of the year due to a shrinking population, the ongoing war in Iran and trade uncertainty.
Bank of Canada expected to hold rates steady
The Bank of Canada is expected to leave its key interest rate unchanged at 2.25 per cent on Wednesday. “The BoC has been walking a tightrope lately as forces like U.S. tariffs and the Iran war threaten to both weaken growth and push inflation higher,” the Canadian Press reports. Governor Tiff Macklem has said the bank will look through a short-term rise in inflation tied to the war, which hit 3.2 per cent in May, the highest rate of inflation since late 2023. Most economists expect the Bank of Canada to remain on hold through the rest of 2026.
Buyers cash in on commissions
A buyer's market in Toronto is driving the rise of cashback realtors. These agents return part of their commission to the buyer after a home purchase. In Ontario, the standard real estate commission is about five per cent, typically split evenly between the seller's and buyer's agents. Cashback realtors give buyers a portion of their 2.5 per cent share. For example, on a million dollar home (oh, Toronto), a realtor who keeps 0.75 per cent of the sale price would earn $7,500 and return the remaining $17,500 to the buyer. That's no small change. Some realtors say that, given today's affordability challenges, it's simply the right thing to do.
Oil prices swing
Oil prices jumped on Monday after the U.S. launched air strikes and Iran retaliated. The renewed fighting has raised concerns about shipping through the Strait of Hormuz, a critical route for global oil supplies. The price of Brent crude climbed 4.7 per cent to US$79.59 a barrel, though prices remain well below their earlier peak of nearly US$120. As of 10:39 a.m. ET, the Toronto Stock Exchange's S&P/TSX Composite Index was down 0.07 per cent as gains in energy stocks, driven by higher oil prices, offset losses in materials stocks as gold prices fell.
Travellers turn to housing swaps
Airbnbs just aren’t what they used to be. With prices now sometimes matching hotel rates, travellers are turning to home exchange platforms, where they can swap homes directly or earn credits by hosting other travellers. The platform HomeExchange says Canadian memberships rose over 30 per cent over the past year, with more than 15,000 home exchanges planned in Canada during the summer months. While there’s no turndown service, at least users say they can save up to a few thousand dollars.
Canadians are turning to buy now, pay later to pay for groceries. KOHO says use of its BNPL feature more than doubled over the past year (up 109 per cent) as Canadians grapple with higher food costs and other essential purchases.
Why Gen Z just can't land a summer job. The Missing Middle podcast argues competition from temporary foreign workers and international students has made it harder for young Canadians to find entry-level work — and the government isn’t helping.
Elite students are ditching Wall Street for hacker houses. These "dorm-room disrupters" are choosing startups over traditional internships as AI reshapes the job market. (Paywalled)
Canada already has the tools to stop surveillance pricing.
Chic or cheap? When building your wardrobe, save on trendy pieces and basics, such as T-shirts, that you'll wear out quickly. Instead, invest in shoes, bags and outerwear that anchor your wardrobe. Want your basics to look more expensive? Choose thicker fabrics made from 100 per cent cotton or high-cotton blends
