The real estate sector in Canada has shown fluctuations over the past decade. Between 2013 and 2023, employment in the sector, measured in million hours worked, has generally trended upwards, with significant dips observed in 2014 and 2020. The sector experienced a major decline of -18.23% in 2020, likely attributable to the COVID-19 pandemic, followed by a strong rebound of 14.4% in 2021. By 2023, employment had modestly increased by 0.94%, reaching 528.73 million hours.
Looking forward, the forecast data indicates a gradual increase in employment hours, with a compound annual growth rate (CAGR) of 0.24% over the next five years, reaching 537.48 million hours by 2028. This shows a positive, albeit slow, growth trend.
Future trends to watch for:
- Impact of technological advancements and digital transformation on employment.
- Development of sustainable and green building practices.
- Economic policies and housing market regulations affecting job creation.
- Potential effects of demographic changes and urbanization.
