economy
METRO VANCOUVER’S JOB GROWTH SECOND TO NONE A strong labour market got even stronger in Q 2 2019, with year-over-year employment growth in Metro Vancouver ticking up by more than twice the national average.
The latest batch of labour market data that flowed in from Statistics Canada for May 2019 was overwhelmingly positive, with the national unemployment rate dipping to an all-time low of 5.6% following annual job growth of 2.2%. Against this strong national backdrop, Metro Vancouver really flexed its economic muscles: compared to one year ago, employment in this region grew by a whopping 5.1%, the fastest growth registered in 15 months. This was 2.4 times the national rate, and faster than Calgary (4.1%), Toronto (3.7%), and Edmonton (3.6%). It was also two-thirds faster than Metro Vancouver’s previous five- year average of 3.1%. This continues a trend of accelerating year-over-year employment growth that now spans four months.
Why does this matter in a real estate context? Employment is a key indicator of stability, as it serves as a proxy for the ability of a region’s residents to afford to buy, rent, or continue to live in a home. In the context of Metro Vancouver’s tight labour market, this can rightly also be considered remarkable growth, as the continued expansion of the region’s workforce has largely meant businesses have had to attract workers from outside of this market and coax locals not in the labour force to start working. Looking ahead, all signs point to employment growing in Metro Vancouver, though the current pace may prove difficult to maintain given the lack of slack in the region's labour market.
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