Canada’s largest real estate markets aren’t even close to seeing employment recover. Statistics Canada (Stat Can) data shows the number of employed people in the country slipped in December. The largest real estate markets moved in various directions last month. However, all have significantly fewer jobs than they did last year.
Canadian employment slid lower last month, causing a minor setback in the recovery. Stat Can estimates there were 18.59 million people employed in December, down 20,500 jobs (-0.11%) from the previous month. This represents a drop of 560,500 jobs (-2.93%), when compared to the same month last year. The decline is the first rollback since employment bottomed last June.
Toronto employment did a little better, with a small uptick last month. There were 3.45 million people employed in the region in December, up 1,100 (+0.03%) jobs from the previous month. This represents a drop of 82,200 (-2.33%) jobs compared to the same month last year. The increase was within the margin of a rounding error though, so it’s too soon to say it’s bucking the trend. However, the small increase is better than nothing.
Vancouver employment made a big uptick last month, wiping out a third of job losses. There were 1.42 million people employed in the region in December, up 22,700 (+1.62%) jobs from the previous month. This still represents a drop of 53,700 (-3.64%) jobs compared to the same month last year. Employment is lower than pre-pandemic levels, but also the highest since last February.
Montreal employment made a big slip last month, retracing most of the jobs lost over the past year. There were 2.19 million people employed in December, down 15,600 (-0.71%) jobs from the previous month. This represents a decline of 22,200 (-1.00%) jobs compared to the same month last year. Almost three-quarters of losses were realized just last month.
The pandemic has impacted all major real estate markets, but to what extent varies. Regions like Montreal are entering a second lockdown, leading to more job losses. Others like Vancouver have been less impacted, and have seen a bounce in employment. However, almost all markets have significantly fewer jobs than they did last year.
