Labour Market Update: Canada’s Challenging Labour Conditions in March 2024

Key Takeaways for Anyone Considering Moving To Canada:

• The average hourly wage remained relatively unchanged from February at $34.81. This equates to an annual increase of 5.1%.
• Health care vacancies accounted for more than one in five job vacancies in Canada in March, while construction, finance, insurance, real estate, utilities, and rentals and leasing jobs all increased in March too.

Check your eligibility for more than 20 different Canadian immigration programs by taking Moving2Canada’s free Canada Immigration Quiz.

Digging Deeper: What We Know About Canada’s Labour Market Conditions

Let’s start with the positives:

• Employment increased in Ontario by 26,000 jobs.
• Unemployment is lower than the national average in Quebec (5%),  Manitoba (5%), Saskatchewan (5.4%), and British Columbia (5.5%).
• Health care vacancies account for more than one in five job vacancies across all industries, highlighting Canada’s high demand for health care workers.
• Construction employment also increased in March, equalling the construction employment rate in March 2024.
• Finance, insurance, real estate, utilities, and rentals and leasing jobs all increased in March too.

But there are challenges looming too:

• Labour market conditions are more challenging for young workers at the moment. There has been a steady decline in the number of workers aged 15-24 since February 2023. And there has been virtually no net employment growth among young workers since December 2022. Younger IEC participants and international students may have a slightly harder time finding employment if these labour market conditions persist.
• Unemployment is increasing in Canada’s larger cities. 13 of Canada’s largest metropolitan areas have seen increased unemployment rates compared to March 2023. St Catharines-Niagara, Windsor, Toronto, Kitchener, Calgary, London, Hamilton, and Edmonton are amongst the hardest hit.

The increasing unemployment rate has sparked anticipation of an upcoming rate cut from the Bank of Canada. While the Bank of Canada has not made any announcements, increasing unemployment rates may trigger a reduction in the interest rate. However, it is speculated that the labour market will remain sluggish even after rates are cut — at least for a few months.

In other words, it’s possible that unemployment will remain above 6% for the foreseeable future. However, impending changes in terms of interest rates and immigration policy may result in lower unemployment later this year.

The Labour Force Survey  reported on here captures Canada’s labour market conditions for the week of March 10 to 16, 2024.

Expert resources to help immigrants get jobs in Canada

Canada’s job market provides a wealth of opportunity for newcomers, but it is only that — an opportunity.

To take full advantage, recent and prospective immigrants can leverage free government-funded resources and programs. We recently partnered with Canada InfoNet, a government-funded pre-arrival employment support program, to bring you two expert guides on transitioning to a career in Canada:

• Transitioning to the Canadian job market
• How to find a career mentor in Canada

The outlook on Canadian construction and infrastructure

Ruairi Spillaine, Outpost Recruitment and Moving2Canada founder, analyzes what’s happening in the construction sector in Canada.

“Rising interest rates along with cost escalations are strongly impacting commercial and residential construction projects. The finanical challenges facing the residential sector come despite an acute need for additional homes from coast to coast. Public funded projects continue to move forward with budget restrictions, with increased investment across education, healthcare, transportation and energy.“

If you are interested in working in Canada’s construction sector, Outpost helps motivated candidates find suitable jobs in Canada.

The agency works with general contractors, subcontractors, developers, and consultants who are hiring across senior management, operations, project management, site, design, quality, and commercial personnel.

Outpost Recruitment is actively looking for candidates for projects across Canada. View the latest job postings here.

How to take advantage in Canada’s job market

The Moving2Canada team has a special feature for people who want to get a job in Canada or accelerate their career here. Readers can now opt in to hear from recruiters and employers we partner with and upload a resume to their account, all for free.

• If you already have a Moving2Canada account, sign in here and complete or update your profile to hear about job opportunities.
• If you don’t already have a Moving2Canada account, please register here and complete your profile.

We’re excited to help more newcomers and people wishing to move to Canada in their career goals.

How to get a job in Canada

If you’re looking for a job in Canada here are some steps you can take to land that sweet, sweet Canadian job offer.

• Get your resume in good shape. This crucial step is often left down the list of job seekers’ priorities, despite being arguably the most important step of all. Read our Canadian resume guide to get going.
• Start looking at open opportunities. Some companies are still hiring. Don’t believe us? Head over to our Jobs Board, populated daily with new positions across Canada.
• Build your network. You can assemble a team to help you in your job search. With ongoing physical distancing and travel restrictions, technology is your friend here. Read our networking guide, written by award-winning entrepreneur Ruairi Spillane, for expert advice.

Here’s a popular webinar from recruitment expert and Moving2Canada founder, Ruairi Spillane, about how to create the best resume for the Canadian jobs market:

New and improved Jobs Board

We have worked hard over recent weeks to ramp up the number and range of job postings on our Jobs Board.

We also have a number of other resources for helping you find your career in Canada. You’ll find broad-stroke information that will arm you with the knowledge you need to succeed, as well as industry-specific insights into finding jobs by industry, such as teaching.

Don’t forget to complete or update your Moving2Canada profile to hear about job opportunities in your industry in Canada!

Want to dig deeper into the Canada Jobs Report data? Try these interactive tools, courtesy of StatsCan.