Sometimes, all it takes is one report to violently reset market expectations. Today, we witnessed just that. Canada’s jobs report left Bay Street forecasts looking like a misprint. It was excellent data for growth fans, but rough news for low-rate fans.

Here's a crushing of economists' forecasts that we don't see every day. GDP just humbled the consensus -0.5% estimate, landing at 2.6% annualized in the third quarter. Regrettably, it appears to be a classic statistical headfake.

💡See also: Yields Hold Firm After Slight CPI Surprise It seems there's a growing crowd waiting for the trap door to fall out in Canadian real estate. October defied those expectations, however, with benchmark prices edging 0.2% higher after falling in 8 of 9 previous months. It

💡Note the message for mortgage shoppers below. Headline inflation came in a shade above Bay Street's collective guesstimate for October, but it's still a welcome step down. More importantly, the BoC's so-called "preferred indicator," average core inflation, is back below 3%, shaving