Canadian employment rose by 0.4 per cent from the previous month, growing by 91,000 jobs to 20.738 million in December. The employment rate rose by 0.2 points to 60.8 per cent, while the unemployment rate fell 0.1 points to 6.7 per cent. Average hourly wages rose 3.8 per cent year-over-year to $35.77 last month, while total hours worked were up 2.1 per cent from December of the previous year.

Employment in B.C. rose by 0.5 per cent to 2.844 million, with a gain of 14,000 jobs in December. Employment in Metro Vancouver fell 0.1 per cent to 1.601 million in December. The unemployment rate in B.C. rose by 0.3 points to 6.0 per cent in December. Meanwhile, Vancouver's unemployment rate rose by 0.2 points to 6.5 per cent in the final month of the year. Overall, British Columbia's labour statistics are very weak and have diverged from national patterns, with employment only 0.2 per cent higher than December 2023.

December's jobs data shows a second consecutive month of strong employment growth, while the unemployment rate remains stable, though at a higher-than-desired level. Job growth was more broad-based than in previous months, with 12 out of 16 measured industries finding employment gains. December's report closes the year on a strong note and may signal the onset of an expected economic recovery in 2025. We continue to anticipate that the Bank of Canada will lower its policy rate two more times over the first half of 2025 before pausing to assess the need for further stimulus.

Copyright British Columbia Real Estate Association. Reprinted with permission.