Canadian employment rose by 108,000 (0.6 per cent) to 19.656 million in October. The Canadian unemployment rate remained steady from last month at 5.2 per cent, hovering just above all-time lows. Average hourly wages were up 5.6 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 6.9 per cent year-over-year in the most-recent data. Total hours worked were up 2.2 per cent year-over-year.
Employment in BC rose by 0.4 per cent to 2.762 million in October, while Metro Vancouver's employment rose by 0.3 per cent month over month. BC's unemployment rate fell in October to 4.2 per cent, just shy of the all-time low, while Metro Vancouver's rate fell to 4.4 per cent. Among the provinces, only Quebec currently has a lower unemployment rate.
Copyright British Columbia Real Estate Association. Reprinted with permission.