Kelowna's unemployment rate has risen every month since February, from 6.3% to 7% in March, 8% in April, and now 9% in May, according to the latest Statistics Canada release. There are now about 12,100 people looking for work locally. Interestingly, the number of people actually employed also edged up slightly, the increase in the unemployment rate is partly because the labour force itself grew.
BC's provincial unemployment rate held steadier at 6.8%, and the province reported gains in construction and manufacturing jobs. Nationally, Canada added 88,000 jobs in May after losing over 100,000 in the first four months of the year, so the national trend looks more like a rebound than what we're seeing locally.
From a real estate perspective, a few months of rising unemployment doesn't move the housing market on its own. It takes time to filter through, and right now inventory is still elevated, days on market remain long, and buyers and sellers are negotiating around 3% off list price on average. We're still solidly in buyer market territory.
If you're a buyer with stable employment, this is a market where you can be patient and selective. If you're selling, accurate pricing and presentation matter more than ever. Reach out if you'd like to talk through your specific plans.
Get In Touch