Canadian Employment (August 2022) - September 9, 2022
Canadian employment declined by 40,000 (-0.2 per cent) to 19.527 million in August, falling for the third consecutive month. The Canadian unemployment rate also jumped by 0.5 to 5.4 per cent, rising from the lowest rate on record in the prior two months and up for the first time in seven months. Average hourly wages were up 5.4 per cent year-over-year, increasing from 5.2 per cent in June and July. Wage gains remain below the inflation rate, however, which hit 7.6 per cent year-over-year in the most-recent data. Total hours worked were unchanged in August, but are up 3.7 per cent year-over-year.
Employment in BC declined by 28.1k to 2.719 million in August, while Metro Vancouver's employment fell by 2.1k month over month. The unemployment rate rose in August to 4.8 per cent. Among the provinces, only Quebec currently has a lower unemployment rate.
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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
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