This may be an opportune time to apply for Canada PR (permanent residency) through Express Entry since now there are over one million vacant jobs to fill.
Filling the gap in labor shortage
The country’s high job vacancy rate, combined with the low unemployment rate bring opportunity for immigrants to fill the positions.
This target will continue to rise to over 450,000 in 2024.
In Alberta and Ontario, there are an average of 1.1 unemployed people for each job vacancy in the month of April down from 1.2 in March and 2.4 from a year earlier.
There were almost four unemployed people for every vacant job in Newfoundland and Labrador.
Why is Canada inviting immigrants to apply for PR?
Its labour market has significantly shrunk this year with people aged 55 and older leaving the workforce and fewer people willing to join the workforce.
Canada’s 9 million baby boomers are slated to reach retirement age this decade.
“A recent RBC survey suggested one-third of Canadians are retiring early, and three in 10 pre-retirees are changing their retirement date because of the pandemic.”
Meanwhile, the fertility rate decreased to a record low of 1.4 children per woman in 2020 so there are even less people to fill the vacancies in future.
Simultaneously, there are around 1 million job vacancies in the country, especially summer jobs.
List of sectors that have most openings
Number of job vacancies in the construction sector reached a new high of 89,900 in April, up 5.4% from March and almost 45% from last April.
Vacancies also reached a record high in professional, scientific and technical services; transportation and warehousing; finance and insurance, entertainment and recreation; and real estate.
Employment in the educational services sector rose by 9,700 in April from the previous month, surpassing the February 2020 pre-COVID 19 level.
Employment in the accommodation and food services sector rose by more than 10% since February.