In 2023, the labour costs in the real estate sector in Canada stood at 15.63 billion Canadian dollars. The year-on-year variation for 2023 was 2.62%, showing a slight dip from previous years. The last two years witnessed relatively modest growth, with year-on-year variations of 2.74% in 2022 and 2.62% in 2023. Looking at a broader horizon, the compound annual growth rate (CAGR) over the last five years was 3.38%, indicating steady yet slowing growth.
From 2024 onwards, the forecast data suggests a consistent rise in labour costs, projecting to reach 17.51 billion Canadian dollars by 2028. This period shows a forecasted five-year CAGR of 1.79%, signifying a slower growth pace compared to previous periods. The overall five-year growth rate from 2024 to 2028 is expected to be 9.27%.
Future trends to watch for include potential impacts of technological advancements in real estate operations, evolving workforce dynamics, and regulatory changes, which could disrupt or reshape the growth trajectory of labour costs in the sector.
