Canadian employment ticked down 0.1 per cent from the previous month, with the economy losing 25,000 jobs to 21.121 million in January. The employment rate also edged down 0.1 per cent to 60.8 per cent, while the unemployment rate fell by 0.3 points to 6.5 per cent. Average hourly wages rose 3.3 per cent year-over-year to $37.17 in January.
           
Employment in B.C. increased by 0.1 per cent to about 2.948 million, with the provincial economy gaining 3,500 jobs in January. Employment in Metro Vancouver increased by 0.3 per cent to 1.691 million. The unemployment rate in B.C. fell 0.2 points to 6.1 per cent in January. Meanwhile, Vancouver's unemployment rate fell by 0.3 points to 6.2 per cent in January. 

The Canadian labour market opened 2026 with a slight downturn in employment, while seeing the unemployment rate reach its lowest levels since September 2024. Much of this decline is attributable to fewer people (-94,000) looking for work, yet only 0.3 per cent of the population not participating in the labour force are disgruntled job seekers (according to Stats Canada). Nonetheless, January’s employment data end a 4-month streak of job growth following a summer of sharp losses. After a year of volatility and resilience in the jobs market, the Bank of Canada will monitor labour market behaviours as global conditions continue to evolve.

Copyright British Columbia Real Estate Association. Reprinted with permission.