Employment in British Columbia surged ahead in January, marking a 0.8 per cent increase from December. This upward momentum in the labour market translated to 23,400 more people securing jobs, reinforcing the province’s economic resilience.
This growth builds upon December’s hiring spree, bringing year-over-year employment expansion to 1.4 per cent. However, while this increase is promising, it still lags behind the national employment growth rate of two per cent. Additionally, the unemployment rate in B.C. ticked up slightly to six per cent from 5.9 per cent in December, as labour force expansion (0.9 per cent) outpaced employment gains. The province also saw a rise in the labour participation rate, climbing to 65.2 per cent from 64.7 per cent, buoyed by a modest 0.2-per-cent increase in B.C.’s overall population.
Both full-time and part-time employment saw positive shifts in January. Full-time employment led the charge, growing by 0.9 per cent, or 19,900 people, while part-time employment followed with a 0.6-per-cent increase, adding 3,500 jobs. Vancouver’s job market also gained traction, with employment in the census metropolitan area surging by 1.7 per cent. However, the unemployment rate in Vancouver inched up to 6.8 per cent from 6.5 per cent.
Diving deeper into sectoral performance, both goods-producing and services-producing industries played a role in January’s employment boost. Services-producing industries expanded by 0.6 per cent, with professional, scientific, and technical services seeing a standout gain of 3.2 per cent (9,800 jobs). Meanwhile, the transportation and warehousing sector experienced an impressive 3.8-per-cent rise (6,000 jobs), reflecting strong demand for logistical and distribution networks across the province.
On the goods-producing side, manufacturing employment recorded a remarkable 4.9-per-cent increase (8,700 jobs), while construction jobs grew by two per cent (5,200 jobs). This growth in construction employment has significant implications for the real estate and presale market, as demand for new housing projects and commercial developments continues to rise. With presale real estate projects offering early-bird investment opportunities in Metro Vancouver and beyond, construction sector growth signals an expanding inventory of properties set to hit the market in the coming months.
However, not all industries experienced gains. Employment in agriculture saw a sharp decline of 20.3 per cent (losing 2,500 jobs), while the utilities sector also suffered a downturn, dropping 15.7 per cent (3,300 jobs). Despite these setbacks, overall employment growth remains a positive driver for B.C.’s economy, particularly in sectors linked to real estate and presale property development.
The economic outlook for B.C. is also supported by shifting trade dynamics. Canada’s merchandise trade balance flipped from a deficit to a surplus in December, marking the country’s first trade surplus since February 2024. December’s surplus of $708 million reversed the $986 million deficit recorded in November. Merchandise exports surged by 4.9 per cent on a seasonally adjusted basis, while imports increased by 2.3 per cent. The threat of tariffs may have contributed to this export growth, as businesses ramped up shipments to the U.S. ahead of potential trade restrictions.
B.C.’s merchandise exports saw an even more dramatic spike, rising by 10.7 per cent in December after a 2.5-per-cent dip in November. Energy products led the charge, jumping 32.1 per cent ($344.8 million), while forestry products and building materials—key components in the real estate and presale construction market—rose by 12.3 per cent ($110 million). Additionally, metal and non-metallic mineral products increased by 7.1 per cent ($25 million). However, not all trade sectors fared as well. Metal ores and non-metallic mineral exports declined by 13.2 per cent ($69.6 million), reflecting volatility in commodity markets.
On the import side, B.C. saw a 1.4-per-cent decline in December, with farm, fishing, and intermediate food product imports dropping 9.5 per cent ($42.8 million). Metal ores and non-metallic mineral products saw the steepest decline, plummeting by 45.3 per cent ($84.6 million). These shifts in trade are critical for B.C.’s economy, as they influence industries tied to real estate development, presale housing supply, and infrastructure expansion.
For prospective homebuyers and real estate investors, these employment and trade trends are crucial indicators of market health. The rise in construction jobs suggests ongoing growth in new presale developments, offering opportunities for those looking to secure property before completion. With Metro Vancouver’s presale market continuing to attract buyers seeking value, insider knowledge of upcoming projects remains key to unlocking the best deals.
As British Columbia’s job market evolves, so too does the landscape for real estate and presale opportunities. Keeping an eye on employment trends, construction growth, and trade fluctuations will be essential for those looking to navigate Metro Vancouver’s dynamic housing market in 2025 and beyond.