In Q3 2023, Canada’s office availability rate flattened to 17.6%, with sublet space accounting for 18.2% of total office space. Office transaction activity declined by 29% year-over-year, with only $5.1 billion traded. Employment rose by 0.3%, but the unemployment rate remained at 5.5%.
Employment gains were in educational services and transportation, while losses were in finance, insurance, real estate, and construction. A higher proportion of Canadians remained unemployed for longer and worked multiple jobs to meet essential needs.
