According to Daniel Wong’s Better Dwelling article, Vancouver’ unemployment rate is back in the single digits. Last October the unemployment rate was 5% while this October the rate is down 1.4% from September and currently sits at 9.7%. Vancouver is recovering faster than Toronto but keep in mind we have been less impacted too.
Overall, our province is experiencing lower rates of employment yet not recovering as quickly as Vancouver. The 9% unemployment rate for the province was down 1% from September and down 4.1% from October 2019.
Even though we are experiencing recovery in the form of declining unemployment rates, we are still in entrenched in recession. Full recovery is not expected until 2022 in the best scenarios. The recovery is not expected to be consistent so we expect to see a bit of up and down with unemployment rates.
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