Canadian employment rose by 0.4 per cent from the previous month, growing by 76,000 jobs to 20.993 million in January. The employment rate rose by 0.1 points to 61.1 per cent, while the unemployment rate fell 0.1 points to 6.6 per cent. Average hourly wages rose 3.5 per cent year-over-year to $35.99 last month, while total hours worked were up 2.2 per cent from January of the previous year.

Employment in B.C. rose by 0.8 per cent to 2.944 million, with a gain of 23,000 jobs in January. Employment in Metro Vancouver rose 1.7 per cent to 1.696 million in January. The unemployment rate in B.C. rose by 0.1 points to 6.0 per cent in January. Meanwhile, Vancouver's unemployment rate rose by 0.3 points to 6.8 per cent in the first month of the year. 

January's jobs data continues a trend of increasing employment growth and moderation of the unemployment rate, though at a higher-than-desired level. Importantly, private sector job growth has grown in accordance with these trends, with January's numbers being driven by employment gains in manufacturing, construction, and professional, scientific, and technical services, among other industries. January's report begins the year on a strong note and demonstrates an improving labour market. Under the assumption that trade policy remains unchanged, we anticipate that the Bank of Canada will lower its policy rate one more time by 25 basis points in March before pausing to assess the need for further stimulus. 

Copyright British Columbia Real Estate Association. Reprinted with permission.