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Along with the population, the city’s economy has also grown substantially in recent years. However, unemployment, and especially youth unemployment, are once again trending upward after returning to pre-pandemic levels last year.

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Toronto has added many jobs since the start of the pandemic, and wages have soared, but youth and people with disabilities are more likely to experience challenges with unemployment.

  • There were 1.7 million jobs in August, an increase of almost 200,000 since February 2020.xiv
  • The average hourly wage is now $39, up from $30 in early 2020.xv
  • Unemployment has averaged 8.4% between January 2024 and August 2024, after averaging 6.4% across 2023.xvi 
  • Youth (aged 15–24 years) unemployment in the Greater Toronto Area has risen significantly, from 13.2% to 19.8% between January 2024 and July 2024.xvii
  • The national Survey on Employment and Skills found that 78% of unemployed people who are not looking for work report having a disability that limits or occasionally limits daily activities, compared to 31% of people who are employed. xviii 

Population growth is helping drive economic growth and reduce job vacancies.

  • Toronto CMA retail sales were 75% higher in 2023 versus 2015, well beyond inflationary increases (one measure of inflation increased by 24% over that period).xix
  • The value of residential building permits issued in the City of Toronto was 70% higher in 2023 than in 2015.xx 
  • As the city’s population has grown, the job vacancy rate has plummeted, from a high of 5.3% in 2022 to 2.8% in 2024, back to pre-pandemic levels. This has alleviated worker shortages in many sectors of the economy.xxi    
Work
Tina Garnett (work)

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ENDNOTES:

Infographics:

1. City of Toronto. Toronto Economic Dashboard — Unemployment Rate. Unemployment Rate (%) - Toronto Economic Dashboard – City of Toronto  Note: Calculations are by the author.

2. Data was calculated on a three-month moving average. Source: Labour Force Survey via Table Labour force estimates by sex, age group, educational attainment, and average and median wages, Canada, Ontario, Greater Toronto Area, CMA’s, monthly average  from Labour Force Survey — City of Toronto Open Data Portal. 

3. Toronto Metropolitan University Diversity Institute. (2024). Unemployment in Canada: A Report From the Survey on Employment and Skills. https://www.torontomu.ca/diversity/reports/environics-unemployment_in_canada/?utm_source=substack&utm_medium=email 

 Data: