Canada’s latest jobs report showed a shock drop in unemployment and a surge in job creation, which sent the bond market into panic and pushed fixed mortgage rates sharply higher. Traders are now pricing in the possibility of rate hikes, not cuts, because the data suggests the economy may be stronger than expected on the surface. But most of the job gains came from part-time youth positions, raising serious questions about whether the market is misreading the strength of the economy and what this means for buyers, renewals, and anyone choosing between fixed or variable right now.