Canadian employment lost 213k jobs in January (-1.2%, m/m), representing the second consecutive decline since April 2020. This left the employment level 4.5% below its February 2020 pre-pandemic level. The decline was once again led by part-time employment, while full-time positions continued to see improvements in January. Job losses were concentrated in Ontario (-154k) and Quebec (-98k), as extended restrictions continued to negatively impact retail, food services and accommodations, and culture and recreation. The national unemployment rate increased by 0.6 percentage points to 9.4%, which is still a fall from the record high of 13.7% in May 2020. Compared to the same month last year, Canadian employment was down by 4.4% (-834k). In BC, employment grew by 2.8k (0.1%, m/m) in January, following a gain of 1.4k in the previous month. The unemployment rate ticked up by 0.8 percentage points to 8.0%, the second increase since the record high of 13.4% was set in May 2020. Meanwhile, in Vancouver, employment increased by 9.0k (0.6%,m/m), following a decline of 1.1k in the previous month. Compared to one year ago, employment in BC was down by 1.7% (-45K) jobs. Although the pace of national job losses accelerated in January due to extended provincial health restrictions, the number of COVID-19 infections is slowing and some provinces are considering gradually lifting these restrictions. That being said, the emergence of more highly infectious strands of COVID-19, and a slower than expected rollout of the vaccine will likely delay the recovery.Link: https://mailchi.mp/bcrea/canadian-employment-jan-february-5-2021

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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.