Canadian employment decreased by 0.2 per cent from the previous month, losing 41,000 jobs to 21.020 million in July. The employment rate fell by 0.2 points to 60.7 per cent, while the unemployment rate remained unchanged at 6.9 per cent. Average hourly wages rose 3.3 per cent year-over-year to $36.16 last month, while total hours worked were up 0.3 per cent compared to July of the previous year.

Employment in B.C. fell by 0.5 per cent to 2.953 million, losing 16,300 jobs in July. Employment in Metro Vancouver fell by 2.2 per cent to 1.697 million in July. The unemployment rate in B.C. increased by 0.3 points to 5.9 per cent in July. Meanwhile, Vancouver's unemployment rate also rose by 0.3 points to 6.1 per cent in the seventh month of the year. 

July's jobs report echoes many of the same themes of the first half of the year—namely, weak labour force growth. Once again, job losses were concentrated in both full-time work (-51,000) and the private sector (-39,000), signifying that employment growth is largely driven by part-time and seasonal positions. Moreover, youth employment continues to flounder, with the unemployment rate for this demographic reaching its highest level (14.6 per cent) since September 2010 (excluding pandemic years). Overall, the Canadian labour market in 2025 has remained cool, with minimal employment growth (+0.1 per cent) since January and an unemployment rate near its highest level since the pandemic. After another hold at its previous meeting, this report favours a rate cut from the Bank of Canada in September, as they look to stimulate a struggling economy and labour market while holding inflation steady.

Copyright British Columbia Real Estate Association. Reprinted with permission.