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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





13 August 2019

Canada lost 24,000 jobs, but the housing sector added 30,000 new positions

For those who still have doubts that Canadian real estate drives the national economy, recent job numbers could be a great example of this trend. According to Statistics Canada, the unemployment level was slightly up last month, as the economy lost 24,000 jobs. Nevertheless, the real estate and construction industries showed all-time high results, adding over 30,000 jobs.

Canada lost a few thousand jobs in July, marking the second monthly drop in a row. Last month, there were 19,030,000 employed in the country, which is down by 24,200 from June. It’s a 0.13% decline, although the number remains 1.89% higher than a year ago. Although Canada showed losses, we can still see growth.

The finance, insurance, and real estate sectors showed an all-time high employment level, with 1,199,100 people employed in those segments last month. It’s 5,400 people more than in June. The monthly gain reached 0.45%, while an annual increase was 1.58%. However, the year-over-year growth was still softer than in case of the general economy.

The construction segment, which is strongly connected to the housing, also saw record high results, as 1,474,100 people were employed in July, adding 25,000 from June. It’s 1.73% higher than during the previous month and 2.67% higher than a year ago. Both gains exceeded the general market performance.

The real estate keeps driving the national economy, even amid slower re-sales. Construction, finance, insurance and housing combined employ 14.04% of all Canadians today.

 

 

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