Canada's hiring landscape has been undergoing significant shifts according to data from WilsonHCG's labor market intelligence platform. Over the past year, the number of job postings has seen a notable fluctuation. In October 2023, there were 476,984 job postings. However, by December 2023, this number plummeted to 369,867, marking a staggering 22.5% decrease. The downward trend continued into early 2024, with January ( -5.2%) and February (-5.9%) seeing further declines.
The job market began to recover in April 2024, with job postings increasing by 7.9% to 353,390. This upward trend has continued modestly through the summer, reaching 376,448 in August 2024. This represents a 1.4% increase from July and 1.3% increase compared to 3-month average 371,628.
Looking at the pay rates, the average advertised salary has shown a consistent upward trend. In July 2024, the average advertised salary was C$51,543 annually or C$24.78 per hour. By August 2024, this had risen to C$51,818 annually or C$24.91 per hour, reflecting a 0.5% increase.
The average advertised annual salary in August is 3.9% higher than the 12-month average of C$49,878. This steady rise in salaries is in line with increasing number of job postings and indicates a competitive job market where employers are willing to offer more to attract and retain talent.
Toronto and Vancouver stand out as the top cities, with 17,065 and 13,115 job postings, respectively. These cities also have some of the highest average advertised salaries, Vancouver offering C$61,443 and Toronto C$60,709.
Looking at the other end of the spectrum, cities like Winnipeg, with 4,295 job postings and an average salary of C$47,988, and Quebec City, with 3,395 job postings and an average salary of C$49,647, have currently fewer job opportunities and lower salaries. This regional variation shows the importance of being able to compare locations in job search and salary expectations.
In terms industry-specific data, Healthcare is hiring the most with 23,155 job postings. This is followed by Retail & Wholesale (12,037) and Restaurants & Cafes (10,137). The high demand in healthcare is driven by an aging population and the ongoing impacts of the COVID-19 pandemic.
Canada’s economy growth is modest: GDP increased 0.5% in the second quarter after rising 0.4% in the first quarter. The unemployment rate has reached 6.4% or 1.4 million unemployed people in June 2024, up by 1.3% since April 2023. In terms of inflation, the Consumer Price Index (CPI) rose by 2.5% Y-o-Y in July 2024, the slowest pace since March 2021. This is due to lower prices for travel tours, passenger vehicles, and electricity. With the current declines we are seeing in the oil prices due to weakened economic data for China and USA, in addition to OPEC’s production cut projections. Lower oil prices will help with the inflation numbers going forward this year.
The Bank of Canada just cut its interest rates for the third consecutive time, bringing it down to 4.25%. This move hopes to unlock household savings, jump start GDP growth, ensure that the inflation does not fall below the 2% target, with further cuts anticipated later in October and December 2024.
Canada's employment landscape is dynamic and multifaceted. Job postings have fluctuated significantly over the past year, but recent months show signs of recovery. Salaries are on a steady rise, indicating a competitive job market. Regional disparities and industry-specific trends highlight the importance of location and sector in job search and salary expectations.
For more insights, please reach out for access to our labor market intelligence platform.