It’s not that long ago that Canada’s job market was the envy of the world, but now many workers can’t afford to buy a house and are struggling to find work.
The Canadian dollar is up nearly 40% against the U.S. dollar since the start of 2018, and a number of factors are playing a role in that.
The unemployment rate in Canada is at its highest level in decades, with 6.5% of Canadians reporting they are jobless.
The average wage in Canada this year was $20,300.
This year, the median wage is $30,400.
And many Canadian workers say they’re struggling to afford a home.
“We’re trying to keep our house,” said Sandra Houshmand, an employee at the Royal Bank of Canada, who is in her 50s and lives in an apartment in Toronto.
“I’m just not finding the time to do anything else.”
As the economy improves, more Canadians are opting to work part-time, which means their jobs are not paid enough to support a family, according to a report by The Conference Board.
And more of them are getting out of work.
A growing number of Canadians are also struggling to keep their families afloat, as some are forced to put food on the table to support their families.
Many are struggling with health care costs and are forced into a number other difficult financial decisions.
“The stress of having a family and keeping up with the bills, that’s a lot more challenging,” said Jessica, a single mom of three in the Toronto area.
“The biggest thing for me is I’m so stressed out and worried about my kids, so I just need to stay home and be quiet.”
As a result, the Canadian labour market is in a precarious position.
While the economy is growing, the job market is contracting.
And while wages have been increasing in Canada for several years now, the labour market remains at a record low.
In 2018, Canada’s unemployment rate was 7.5%, compared with an overall unemployment rate of 11.6%.
The number of people with unemployment in Canada was 11.1 million.
The Conference Board has reported that the number of unemployed Canadians is projected to reach 14.3 million by 2021.