Canadian employment was largely unchanged from the previous month, with the economy gaining 14,000 jobs (+0.1 per cent) to 21.051 million in March. The employment rate and unemployment rate also held steady at 60.6 per cent and 6.7 per cent, respectively. Average hourly wages rose 4.7 per cent year-over-year to $37.73 in March.
           
Employment in B.C. decreased by 0.7 per cent to about 2.908 million, with the provincial economy losing 19,200 jobs in March. Employment in Metro Vancouver fell by 0.4 per cent to 1.674 million. The unemployment rate in B.C. rose 0.6 points to 6.7 per cent in March. Meanwhile, Vancouver's unemployment rate rose by a full percentage point to 6.8 per cent in March. 

The Canadian labour market remained mostly unchanged in March following a sharp downturn to begin the year. In the first quarter of 2026, Canada has lost over 90,000 jobs on a cumulative basis. Current conditions of weak employment and growth combined with cooling core inflation would ordinarily suggest a rate cut from the Bank of Canada. However, the oil price shock associated with the Iran conflict muddies the waters of the Bank’s policy trajectory due to its inflationary impact. While we tentatively expect another rate hold later this month, the Bank’s guidance will help crystalize its view of the supply shock and lay a course for future rate decisions.

Copyright British Columbia Real Estate Association. Reprinted with permission.