Between 2013 and 2023, the total hours worked in the real estate sector in Canada showed a steady increase overall, with the value standing at 583.29 Million Hours in 2023. Year-on-year variations illustrate some fluctuations, such as a decline in 2014 and significant growth in 2019. The compounded annual growth rate (CAGR) over the last five years averaged 2.18%, indicating a stable upward trend.
Future forecasting suggests that the growth will continue, albeit at a more moderate pace with a five-year forecast CAGR of 1.07%, leading to a 5.48% increase in total hours worked by 2028. This consistent rise reflects sustained industry demand and potentially growing investment in real estate services.
Future trends to watch for include the impact of technological advancements on workforce efficiency, changes in housing market dynamics, and potential regulatory shifts that could influence the volume of work required in the sector. Monitoring these factors will be crucial for anticipating changes in total hours worked in the real estate industry.
