Canadian Employment (March 2022) - April 8, 2022

Canadian Employment (March 2022) - April 8, 2022

Canadian employment rose by 73,000 (+0.4%) in March hitting a fresh record for employment, according to Statistics Canada. The labour market is increasingly tight, with the Canadian unemployment rate declining to 5.3%, the lowest rate on record since comparable data became available in 1976. The total hours worked rose 1.3% in March while average hourly wages were up 3.4% on a year-over-year basis, up from 3.1% in February. Wage gains are below the inflation rate, however, which clocked in at 5.7% year-over-year in February. 

Public health measures continued to ease prior to the survey reference week in March, driving labour market gains. Employment growth occurred in both the services-producing (+42,000; +0.3%) and the goods-producing (+31,000; +0.8%) sectors in March. The labour force participation rate was essentially unchanged at 65%. 

BC's labour market continues to moderately outperform Canada's, with employment rising by 10,500 (0.4%) in March. Metro Vancouver's employment growth once again outpaced the province, with employment rising 9,300 (0.6%). Seasonally-adjusted employment in BC is not only above pre-pandemic levels, but hit a record high for a 6th consecutive month. The unemployment rate ticked upwards slightly in March, reaching 5.1%. Among the provinces, only Quebec and Saskatchewan have lower unemployment rates. 

Link: https://mailchi.mp/bcrea/canadian-employment-march-2022

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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.