Canadian Employment (October 2021) - November 5, 2021
Canadian employment grew for the fifth consecutive month in October according to Statistics Canada, inching up by 31,000 to 19.162 million (0.2%, m/m). Canadian employment had recovered to its pre-pandemic level in September and remains above that level in October. Since the prior survey period, proof-of-vaccination initiatives continued to be implemented in workforces across the country while capacity limits were lifted.
Across Canada, employment gains in retail trade (+72,000) were offset by declines in accommodation and food services (-27,000). The gains in retail trade pushed employment in this sector back to its pre-pandemic level in October. The Canadian unemployment rate declined for a fifth consecutive month to 6.7%, the lowest level since the onset of the pandemic. The unemployment rate is now within 1% of the rate in February of 2020 (5.7%).
In BC, employment grew by 10,400 to 2.692 million (0.39%, m/m), once again hitting the highest level since the pandemic began. The unemployment rate declined by 0.3 in October to 5.6%, the lowest level since the pandemic began. Only Manitoba has a lower unemployment rate in Canada, while Quebec is tied with BC for the second-lowest 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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