Job vacancies are at an all-time high in Canada: 1 million job openings!

According to a recent job vacancy, payroll, and earning survey, job vacancies are reaching all-time highs in Canada. 

At the beginning of March 2022, Canadian employers were actively seeking to fill in more than 1 million vacant positions. The number of job vacancies in Canada reached a record high of 1,012,900 in March, which was significantly more than the previous record of 988,300 back in September 2021. There was an increase in 186,400 vacancies between mid-February and March. 

The job vacancy rate, which measures the number of vacant positions as a proportion of vacant and filled positions – matched a record-high of 5.9% last September. 

Vacancies increased by more than one third in accommodation, food services as well as retail trade. Where employers in the accommodation and food services were seeking to fill about 158,100 positions – retail employers had to fill some 109,200 vacancies. 

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There was also a record level of job vacancies in healthcare and social assistance as well as construction. Where healthcare and social assistance employers were seeking to fill about 154,500 vacancies – construction employers were in need of some 81,900 employees. 

Occupation in demand in Canada was booming in almost every province. The largest month-over-month increases were observed in Nova Scotia, Saskatchewan, and Newfoundland & Labrador. On the other hand, Nova Scotia, Manitoba, Saskatchewan, and British Columbia witnessed a record high number of job vacancies. 

For every job opening in March, there was an average of 1.2 unemployed people – which was down from 1.4 in February. The decline coincides with a record-low unemployment rate of 5.3%, and a record-high core-age labor force participation rate of nearly 87%.

Labor market shortages were particularly felt in British Columbia and Quebec – where each province had an unemployment-to-job-vacancy ratio of 0.8. A lower ratio justifies a tighter labor market. Newfoundland & Labrador recorded the highest ratio of 4.3. 

As a result of the function of seasonal demands, job vacancies had fallen for five consecutive months from September 2021. Economic activity in Canada increases in spring and summer – and declines in winters. 

There will soon be a release of April 2022 job vacancy data by June 24. Job Vacancy and Wage Survey results from the first quarter of 2022 are expected to be released by June 21.