Canada’s Job Market is Slowly Recovering

From wildfires to a worldwide pandemic, things have been everywhere from shaky to downright frightening. Not the least of our concerns has been the Canadian economy and whether our country’s job market will recover. Statistics Canada has been keeping track of job loss, job gain and everything in-between.

The good news is that recovery is on the horizon… though maybe not as quickly as we would all like. According to the Financial Post, the short-term surge in job postings seen in June and July will even out and slow down, hopefully resulting in a normal job market as of 2022.

Signs of a Recovering Canadian Job Market

1. Part-Time Job Recovery

Statistics Canada has reported that as of July 2020, part-time job postings have increased by 11.3%. CoVID-19 caused many industries reliant on part-time employees to close down or significantly reduce operations. This meant that the largest job losses were part-time (or gig) jobs.

Most companies relying heavily on part-time workers include retail and hospitality. As shops and restaurants slowly reopen, the job market will slowly recover.

2. Retail is Going Strong

CTV reported that retail sales are steadily increasing, and will soon return to pre-CoVID numbers. This occurred after an almost 20% increase in retail sales in May.

E-Commerce sales are doing even better – reporting a 112.7% increase from 2019. This makes sense since many shoppers have relied heavily on online shopping and delivery for their daily needs. Social distancing has done wonders for the e-commerce market.

3. Housing Market is Stabilizing

Though many people were concerned about a real estate crash – home sales have stabilized. The Bank of Canada assisted in this stabilization by lowering interest rates while saying they will continue to be low for the foreseeable future.

There were also buyers who saw an opportunity to purchase homes as some prices dipped due to the financial climate. This helped bring the realty market back to a more stable position. If you’re considering buying property, now may be the time to talk with a realtor and consider your options.

The Canadian Job Market Moving Forward

A thriving economy is key to a healthy country and high quality of life for its residents. Thankfully, we are seeing movement towards a healthier economy and job market. As our country embraces reopening phases, the Canadian job market will slowly recover. (https://www.beyondbeaute.com/) As we have already seen, a steady increase in reopening businesses has sparked sales, job postings and a reviving economy.

Though we know that a second wave of CoVID-19 is possible, we hope that Canada will embrace safety and responsibility, leading to a recovered job market as soon as possible.

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About BC Jobs

BCjobs.ca is Western Canada’s largest job board, with majority of the jobs coming from Vancouver. For nearly 20 years, BC Jobs has connected job candidates with companies looking to add talent to their team. Here at BCJobs, we understand that looking for a job is difficult. Which is why we recently launched a podcast to help you stand out during your job application. Listen to weekly episodes on our podcast to hear what recruiters are thinking and what companies look for when considering their next hire.