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Labour Workforce Impacts Predicted for 2023

Canada's economy grew 0.1% in October and November 2022, but stalled in December

That modest growth was in the Service Industries sector.

Retail, transport, distribution, food services, professional services as well as other service-dominated businesses saw very modest growth,

Goods Producing industries like agriculture, forestry, mining, construction and manufacturing continued to lag.

High interest rates continue to slow residential construction activity.

In their December 2023 newsletter, the British Columbia Real Estate Association (BCREA) quotes data from Statistics Canada estimating zero growth in December 2022.

The BCREA also predicts the Bank of Canada's higher interest rates will have a wider impact on the country's economy in 2023, slowing it even more, affecting the labour and bond markets.

Check out the BCREA HERE


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