Skip to main content
Placement EngineCRMPricingResources
Sign inBook a 15-min demoTry it free

Market data

Canada unemployment rate: 6.5%

Canada's unemployment rate was 6.5% in September 2026, falling over the past few months.

Reference month September 2026. Source: Statistics Canada, Labour Force Survey.

Unemployment rate
6.5%
Change from last month
+0.1 pts
Change from a year ago
-0.6 pts
12-month range
6.4% to 6.9%

Monthly moves of a tenth or two are within the survey's margin of error. The Bank of Canada weighs the labour market in every rate decision, see the Bank of Canada interest rate page.

Canada unemployment rate over time

Monthly, seasonally adjusted, ages 15 and over.

Last 12 months

Change is in percentage points.

Monthly Canada unemployment rate, newest first
MonthRatevs prior monthvs a year earlier
September 20266.5%+0.1-0.6
August 20266.4%0.0-0.7
July 20266.4%-0.1-0.5
June 20266.5%-0.1-0.4
May 20266.6%-0.3-0.4
April 20266.9%+0.20.0
March 20266.7%0.0-0.1
February 20266.7%+0.2+0.1
January 20266.5%-0.3-0.2
December 20256.8%+0.2+0.1
November 20256.6%-0.3-0.4
October 20256.9%-0.2+0.3

Why unemployment matters for mortgages

Rates: a weakening labour market pushes the Bank of Canada toward cuts, which lowers prime. Fixed rates track Government of Canada bond yields, which also tend to fall.

Approvals: lenders underwrite each borrower's income, but a rising rate makes many tighter on probation, commission and self-employed files.

Renewals: clients who lose income before a renewal may need an alternative lender, so it pays to know who is renewing early.

Frequently asked questions

What is the unemployment rate in Canada right now?
Canada's unemployment rate was 6.5% in September 2026, falling over the past few months. That is -0.6 points from a year earlier.
How often is the unemployment rate updated?
Statistics Canada publishes the Labour Force Survey monthly, usually on the first or second Friday after the reference month ends. This page refreshes hourly.
Is a one-month change meaningful?
Usually not. The survey has a margin of error of roughly 0.1 to 0.2 points, so a single month moving by a tenth is noise. Over the last 12 months the rate ranged from 6.4% (July 2026) to 6.9% (October 2025).
How does unemployment affect mortgage rates?
Rising unemployment tends to push the Bank of Canada toward lower policy rates, which lowers prime and variable rates. Fixed rates follow bond yields, which also usually fall when the labour market weakens.
How does unemployment affect mortgage approvals?
Lenders underwrite on income stability, not the national rate. A rising rate does make some lenders stricter on probation periods, commission income and self-employed files, and it raises arrears risk in their portfolios.

Data: Statistics Canada, Labour Force Survey, Table 14-10-0287-03 (vector v2062815). More indicators on the Canadian mortgage market data page.

Know who is renewing before the market moves

The bips CRM tracks every client renewal and flags who to call. $29/mo after a 14-day trial, no card needed.

Start a 14-day trial