Canadian employment fell by 0.4 per cent from the previous month, with the economy losing 84,000 jobs to 21.037 million in February. The employment rate also edged down 0.2 per cent to 60.6 per cent, while the unemployment rate rose by 0.2 points to 6.7 per cent. Average hourly wages rose 3.9 per cent year-over-year to $37.56 in February.
           
Employment in B.C. decreased by 0.7 per cent to about 2.927 million, with the provincial economy losing 20,200 jobs in February. Employment in Metro Vancouver fell by 0.6 per cent to 1.681 million. The unemployment rate in B.C. remained unchanged at 6.1 per cent in February. Meanwhile, Vancouver's unemployment rate fell by 0.4 points to 5.8 per cent in February.

The Canadian labor market posted its worst monthly job losses in several years, with declines concentrated in full-time work and the private sector. Combined with January, Canada has cumulatively lost over 100,000 jobs to begin 2026, significantly offsetting the momentum found during the final quarter of last year. While economic growth, employment, and core inflation are currently below the Bank of Canada’s projection, we still expect a rate hold at next week’s meeting. Looking ahead, the Bank will be assessing the length and depth of the oil-price shock from the US-Iran conflict on domestic inflation, while assessing how economic growth evolves this year relative to their forecast.

Copyright British Columbia Real Estate Association. Reprinted with permission.