The Bank of Canada just raised interest rates again. What does this mean for newcomers? Even with a slower economy, Canada is still seeking newcomers to fill gaps in the workforce. The Bank of Canada (BoC) recently announced another rise in interest rates, up to 4.5%, or up 25 basis points from 4.25% on December 7, 2022. While this is the smallest rise in interest over the past year, interest rates will stay high for the foreseeable future making larger spending more difficult than previous years. […] By Edana Robitaille
IRCC considering Express Entry draws based on occupations, and other categories Recent consultations outline the possibility of targeting Express Entry candidates who have key attributes such as occupation, sector, being a temporary resident, and French language proficiency. Immigration, Refugees and Citizenship Canada (IRCC) recently held consultations with the public and stakeholders to adapt the Express Entry application management system to better target Canada’s economic needs and labour shortages. By Edana Robitaille
Canadian job vacancies down more than 44,000 in October 2022 Statistics Canada has provided an updated look at job vacancies in Canada as of October 2022. On December 22, Statistics Canada released its latest monthly report on payroll employment, earnings and hours, and job vacancies for October 2022. By Vimal Sivakumar
Canada to target occupations in Express Entry draws starting in 2023 Canada is preparing to change how Express Entry candidates are selected in the first quarter of 2023 and beyond. Starting in 2023, Immigration, Refugees and Citizenship Canada (IRCC) will use new authorities to hold Express Entry draws that invite candidates based on specific attributes rather than their overall CRS score. By Edana Robitaille
Bank of Canada Governor talks about using immigration to balance the national labour market Over the first two weeks of November 2022, Bank of Canada Governor Tiff Macklem spoke publicly twice about how Canada can use immigration to help fight against inflation and balance the country’s labour market. In two recent speeches on November 10th and 14th, Bank of Canada (BoC) Governor Tiff Macklem spoke to attendees and the media about how immigration may be the key to achieving labour market stability and correcting the course of inflation. By Vimal Sivakumar
Express Entry candidates will be impacted by NOC changes implemented today IRCC is switching to the NOC 2021 system today. Here’s what you need to know before that change takes effect. Immigration, Refugees and Citizenship Canada (IRCC) will be transitioning to the 2021 version of the National Occupation Classification (NOC) system today, a change that has been in the works since the announcement on July 27. By Vimal Sivakumar
Statistics Canada data shows that immigrants have a high rate of employment The rate of unemployment is unchanged from September but there have been increases in the number of full-time jobs. Statistics Canada has released the Labour Force Survey data for October 2022. Overall, the rate of unemployment has recovered from increases over May-September but is still consistent with September at 5.2%. By Edana Robitaille
Canada’s job vacancies reach record high in healthcare and social assistance sectors The Statistics Canada report on payroll employment and job vacancies for August shows 152,000 vacant healthcare positions. Statistics Canada has released its report on payroll employment, earnings and hours, and job vacancies for August 2022. By Edana Robitaille
Canada’s service sectors see employment growth as job vacancies remain steady Job vacancies stayed high in July 2022, with payroll employment continuing to rise. Statistic Canada recently released their analysis of the July 2022 labour market. Canada continues to have record-breaking job vacancies, seeing 964,000 vacancies in July 2022. By Asheesh Moosapeta
