Rate-cut hopes took another beating Friday, ambushed by jobs numbers that overdelivered on both sides of the border.

Canada’s estimated 88,000 new jobs blew past forecasts and, paired with a rebounding April GDP estimate, left recession forecasters quietly studying their shoelaces.

South of the border , the Americans doubled their job forecasts, and futures markets have swung to pricing in rate hikes in both countries by December.

None of this is spooking the variable-rate crowd , however.

More than 52 per cent of prime borrowers at Dominion Lending Centres (DLC) reached for a floating rate in May. DLC originates more mortgages than anyone in the country, which makes it a reasonably honest market proxy.

The variable allure is especially strong on the insured side, where Pine is advertising prime minus 1.10 per cent (3.35 per cent), the lowest nationally-advertised floater in the nation.

It’s second only to Butler Mortgage’s 3.30 per cent adjustable rate in Alberta, B.C. and Ontario.

If inflation keeps you up at night and you’d rather hedge, regional players like Ratebuzz and credit unions will still land you near or under four per cent on the country’s favourite fixed term , the three-year.

Robert McLister is a mortgage strategist, interest rate analyst and editor of MortgageLogic.news. You can follow him on X at @RobMcLister.

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The site of Geelong’s first brewery at 99-101 Corio St is scheduled to be auctioned on March 25.

For more than 180 years, the home of Geelong’s first brewery has been steeped in the social fabric of the city.

Now the historic landmark, best know to many as the former Scottish Chief’s hotel, is looking to forge a new future.

Gartland, Geelong agents Michael De Stefano and Tony Young are taking the inner city property to auction on March 25 in the hope of finding a buyer keen to revitalise its reputation as a hospitality venue.

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The main bar at the former hotel is housed in a double height historic building.

Other parts of the original building retain period features, including an open fireplace.

Upstairs offers another flexible space with a timber-lined ceiling.

Price hopes are $1.825m to $2m for the 752sq m corner site at 99-101 Corio St, Geelong.

Once a booming night spot, it has most recently operated as LP Geelong and previously housed Taco Bill restaurant, but is currently sitting vacant.

Mr De Stefano said the uniqueness of the circa 1840 brewery had generated several inquiries early in the campaign.

“There’s a huge history in the place. Obviously it was the site of the original site of the Geelong brewery and I think most Geelong people would know it as Scottish Chiefs,” he said.

“Interest has come in for all sorts of things. It’s got north-facing orientation over the car park to the water and Central Activity Zone 1.

“Its most obvious uses would be a restaurant, bar, nightclub, obviously offices or any sort of hospitality mixed used site and there is accommodation there.”

Bluestone features are still on display inside the former pub.

The two-storey cream brick building neighbours is right near Westfield Geelong and close the waterfront.

The new owner could chose to revive the old beer garden.

The property comprises a circa 1848 hotel building and another in-fill building linking through to the remnants of the original Volum’s Geelong Brewery, including a bluestone malthouse dating back to 1851.

It returned to its roots in the 1990s when it was reborn as one of Australia’s early microbreweries.

Mr Gartland said it had been an owner-occupied site up until late last year so was in operable condition, though the new owner would likely want to make their own improvements, subject to council and heritage approval.

He said the gutted old bluestone building had been used a beer garden which could be retained as part of a new venue.

“The local market has really jumped onto it because they know what it is, but we’re getting outside interest as well, primarily because of its proximity to Westfield,” he said.

He said larger hotel groups were also eyeing the Geelong pub market generally, given it had its name in lights as the second fastest growing area in Australia.

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