Canadian employment was virtually unchanged from the previous month, gaining 8,800 jobs to 20.978 million in May. The employment rate remained unchanged at 60.8 per cent, while the unemployment rate rose by 0.1 points to 7.0 per cent. Average hourly wages rose 3.4 per cent year-over-year to $36.14 last month, while total hours worked were up 0.9 per cent compared to May of the previous year.

Employment in B.C. rose by 0.4 per cent to 2.963 million, gaining 13,000 jobs in May. Employment in Metro Vancouver rose 0.9 per cent to 1.715 million in May. The unemployment rate in B.C. increased by 0.2 points to 6.4 per cent in May. Meanwhile, Vancouver's unemployment rate rose by 0.3 points to 6.6 per cent in the fifth month of the year. 

May's jobs report echoes many of the same trends from the previous month, characterized by minimal job creation coupled with further upticks in the unemployment rate in B.C. and Canada. Overall, the Canadian labour market continues to stabilize at relatively weak levels, with the national unemployment rate reaching 7.0 per cent for the first time since September 2021. Following their decision to hold this week, this report favours a 25-point cut from the Bank of Canada during their next meeting in July to stimulate the labour market and broader economy amidst broader global uncertainties.

Copyright British Columbia Real Estate Association. Reprinted with permission.