It is worth mentioning the current job scenario in Canada as according to the Labour Force Survey for May 2022 there is a growing labor shortage in several industries. This has shown an increasing demand for immigration to Canada as a major part of Canada’s workforce ages and enters retirement. Fewer people are eager to enter the workforce and more people over the age of 55 are leaving it. This is one of the major reasons for the high job vacancy rate and Canada’s labor market has dropped dramatically this year.
In such scenarios where unemployment is low and job opportunities are plentiful, this paves the way for immigrants to have better chances to fill open positions.
This is very evident as the country is preparing to welcome one of the biggest ever number of PRs this year with a target set to 4.3 Lakhs. It is also estimated that by 2024 the number will be over 4.5 lakh.
Even the recent numbers show that Canada’s Job vacancies are up 3.2% over the last two months with the total number of jobs available across the country to be approximately 32,200. This shows the total number of job vacancies for the last three months in Canada to be over 1 million.
Let us take a look at some of the major sectors that are showing an increase in job vacancies.
Health Sector: There has been a 40.8% increase in job vacancies in the health sector in comparison to June last year. This means that when it comes to actual numbers the health sector has around 149,700 unfilled jobs in June with a job vacancy rate of 6.3% which is higher by 0.4% than the total job vacancy across the country.
Food Sector: This is another area after the health care sector with 171,700 job vacancies in June an increase of 6.6% from May with around 38.8% year over year.
Retail Sector: The retail sector saw 15,200 job vacancies since May which essentially means that 15.3% more jobs are now available for prospective employees. The vacancies in this sector have gone up by 22.5% since June last year with a total of 114,400 available positions.
Construction Sector: The job vacancies in the construction industry too have hit a new record high of 89,900 in April which is up nearly 45% from the same month last year and also up 5.4% from the month of March.
Other sectors with job vacancies are as follows:
Manufacturing: 82,800 job vacancies
Professional, scientific, and technical services: 72,200 job vacancies Transportation and warehousing: 49,000 job vacancies
Finance and insurance: 41,200 job vacancies
It can be inferred that from various statistics and survey the unemployment-to-job-vacancy ratio reached a record low of 1.0 in June. The four major provinces where the unemployment to job vacancy ratio was below 1.0 are Quebec, British Columbia (0.7), Saskatchewan (0.8), and Manitoba (0.9). The Canada-wide unemployment-to-job-vacancy ratio was almost double what it is now (actually, it was 1.9) in June 2021.
There is evidently a major gap in demand and supply that has hit the country as of now and the only solution to this is to look to immigration. This is one of the major reasons why the Canadian government aims to invite its largest PR’s this year extending to 2024 with an annual target from 430,000 to over 4,50,000.