Canadian employment rose by 337,000 (+1.8%) in February more than reversing a 200,000 decline in January driven by Omicron-related public health measures, according to Statistics Canada. The labour market is increasingly tight, with the Canadian unemployment rate declining to 5.5%, a level lower than prior to the pandemic in February 2020 (5.7%) for the first time. The total hours worked (+3.6%) as well as the employment rate (+1.0%) also rose strongly. As public health measures were partly lifted by the survey reference week in February, gains were concentrated in the Accommodation and Food Services (+114,000; +12.6%), and Information, Culture and Recreation (+73,000; +9.9%) sectors. Private sector employment rose by 2.8% to 347,000. On a year-over-year basis, wages were up 3.1%. The number of long-term unemployed Canadians fell by 51,000 (-19.4%) in February. In BC, employment rose more modestly than the rest of Canada (+21,000; 0.8%), but growth is very strong given that the province suffered no employment decline in January. Employment growth in February was concentrated in the Vancouver CMA (+18,000). Seasonally-adjusted employment in BC is not only above pre-pandemic levels, but hit a record high for a 5th consecutive month. The unemployment rate continued declining in BC, reaching 4.9%, the lowest rate since January 2020. Among the provinces, only Quebec, Saskatchewan, and Manitoba have lower unemployment rates. 

Link: https://mailchi.mp/bcrea/canadian-employment-february-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.