Canadian employment fell by 0.2 per cent from the previous month, declining by 33,000 jobs to 20.962 million in March. The employment rate fell by 0.2 points to 60.9 per cent, while the unemployment rate rose by 0.1 points to 6.7 per cent. Average hourly wages rose 3.6 per cent year-over-year to $36.05 last month, while total hours worked were up 1.2 per cent compared to March of the previous year.

Employment in B.C. rose by 0.2 per cent to 2.944 million, gaining 5,700 jobs in March. Employment in Metro Vancouver rose 0.4 per cent to 1.711 million in March. The unemployment rate in B.C. increased by 0.1 points to 6.1 per cent in March. Meanwhile, Vancouver's unemployment rate fell by 0.6 points to 6.4 per cent in the third month of the year. 

March's jobs report may foreshadow an ongoing downturn in the Canadian labour market as tariff impacts begin permeating through the economy. While this report slightly favours a rate cut, we expect the Bank of Canada to hold its policy rate before evaluating the inflationary impacts of our trade war with the U.S. and their newly announced "reciprocal" tariff policy on 185 other countries.

Copyright British Columbia Real Estate Association. Reprinted with permission.