Canadian Labour Force Survey, January 2011 Results

Categories: Real Estate News
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Published on: April 3, 2011

Date: February 4, 2011

Canadian Labour Force Survey, January 2011 Results

Source: Statistics Canada

Link to Release: http://www.statcan.gc.ca/daily-quotidien/110204/dq110204a-eng.htm

Summary: In January, another 69,000 jobs were created in Canada, representing the second consecutive monthly increase in employment. Most of new jobs were in the service sector, which experienced a 49,400 job increase. The manufacturing sector created 4,000 jobs following a large increase (66,000 jobs) in December. Ontario led the way with the addition of 36,000 total positions. Within the Toronto Census Metropolitan Area (CMA), the employment level rose by 12,000 (reported on the basis of a three-month moving average). The unemployment rate remained unchanged at 8.3 per cent.

Analysis: Canadian employment continued to trend upward with a strong increase in January. This reflects the acceleration in overall economic growth in the fourth quarter of 2010, when we saw growth in both service and goods producing sectors. The unemployment rate remained much lower in comparison to last January. Tighter labour market conditions have prompted stronger year-over-year growth in wages and salaries, both in Canada and the Greater Toronto Area (GTA). This is a positive for housing affordability. The average selling price is expected to rise in the GTA over the next year. Mortgage rates are also set to rise over the same period. While rising prices and borrowing costs will cause erosion in housing affordability, rising incomes will partially mitigate the impacts.

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