Employment begets the economy and the economy begets the real estate market. This blog is a simple factual report on employment in Canada, courtesy off the B.C. Real Estate Association.
Last month, Canadian employment was slightly unchanged from May, to 20.516 million, a drop of less than one per cent, leaving unemployment one per cent higher than it was a year ago.
In B.C., employment is 2.854 million, down 0.3 per cent.
In Metro Vancouver, it was 1.591 million jobs…a drop of 1.2 per cent.
To give it a greater context, look at what’s happened since the pandemic struck in the spring of 2020...as shown in the graphic above.
Then, unemployment in B.C. was almost 14 per cent and it has dropped annually to: 7.8 per cent (2021), 4.8 per cent (2022), 5.0 (2023), 5.2 per cent (June 2024).
So the employment market looks healthy, and the real estate market is almost there.
For more, call Jennifer (604-726-8768) or Dale (604-720-3353).