Record high job vacancies unlikely to reverse any time soon: experts


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Latest numbers show a job vacancy rate of 5.6 per cent, continuing an upward trend since the first quarter of 2016

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Jun 21, 2022  •  1 day ago  •  3 minute read  •  A woman checks out a jobs advertisement sign during the COVID-19 pandemic in Toronto. A woman checks out a jobs advertisement sign during the COVID-19 pandemic in Toronto. Photo by THE CANADIAN PRESS/Nathan Denette files

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Canada is reporting its highest quarterly job vacancies on record, with 957,500 open positions in the first quarter of 2022 — up 2.7 per cent from the previous peak last quarter.

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The latest numbers, released by Statistics Canada on Tuesday, showed a job vacancy rate of 5.6 per cent, continuing an upward trend since the first quarter of 2016.

The agency said that while the job vacancy rate did continue to increase, the pace has slowed as payroll employment recovered in the fourth quarter of 2021.

CIBC deputy chief economist Benjamin Tal said he doesn’t see Canada’s labour shortage improving notably any time soon.

“We have a structural shortage of those positions and the market will have to react to it via the wage mechanism,” said Tal, noting that wages will have to rise and working conditions will have to improve in order to attract people back into these jobs.

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