RENNIE OUTLOOK 2022
jobs, wages, inflation & rates: bracing for change
EMPLOYMENT
Immediately following theunprecedenteddecline inemployment that swept through the country in the first fewmonths of the pandemic in 2020, a protracted period of jobs recovery began. Here in Metro Vancouver, employment fell by 270,000 jobs between April and June 2020, before 218,000 of those job losses were recovered through the end of that year. The following year saw the recovery continue unabated, with another 78,000 jobs being added throughout 2021. Heading into 2022, then, the employment level inMetro Vancouver was 2% higher than its pre-pandemic level, setting the stage for a strong year of employment growth that should better re-align the regionwith its pre-pandemic trend level of jobs.
OUR 2022 OUTLOOK Metro Vancouver’s employment base is expected to grow by 3% in 2022 through the addition of 40,000-50,000 net-new jobs. While growth of this magnitude wouldn’t be without precedent, it would exceed (by a significant margin) the average annual job additions of 32,000 achieved in the decade before the pandemic.
JOB GROWTH
UNEMPLOYMENT
Along with the rest of Canada, Metro Vancouver experienced a steady and significant improvement in labour market conditions throughout 2021.While theyearbeganwiththe regionsportinganunemployment rateof 9%—higher thanthe peak unemployment rate experienced during TheGreat Recession of 2009, but also amarkedly lower than the pandemic- high of 14.5% achieved in June 2020—it endedwith an unemployment rate of only 5.6%. This ranked as one of the lowest in Canada and was not far off the 4.5% rate the region featured immediately preceding the pandemic.
OUR 2022 OUTLOOK Metro Vancouver’s labour market will continue to tighten throughout 2022 due to a combination of employment growth and demographic factors. As such, we expect the unemployment rate to settle in the 4-5% range by the end of the year.
UNEMPLOYMENT RATE
Copyright © 2022 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of February 3, 2022. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of 7
Made with FlippingBook - professional solution for displaying marketing and sales documents online