Labour Force Survey, August 2026

Our take: A flat labour market with modest job losses signals tenants are getting tighter on cash—expect softening rental demand and rising turnover in the next 2–3 months, especially in secondary markets. Pass on new deals at current rents unless you're comfortable holding through a mild downturn.

In your underwriting: Lower your rent growth assumptions and increase vacancy buffers by 1–2 percentage points; apply a tighter DSCR stress case (5.25%+ mortgage rates) to capture debt servicing risk as household incomes flatten.