Payroll employment, earnings and hours, and job vacancies, July 2026

The number of employees receiving pay and benefits from their employer measured as "payroll employment" in the Survey of Employment, Payrolls and Hours was up by 26,100 (+0.1%) in July, following three consecutive increases from March to June, totalling 124,200 (+0.7%). On a year-over-year basis, payroll employment was up 171,900 (+0.9%) in July.

Our take: Payroll growth of just 0.9% year-over-year signals a labour market cooling below trend, which will pressure rent growth and tenant credit quality—pass on aggressive rent assumptions in underwriting until hiring accelerates back to 2%+.

In your underwriting: Model flat to negative real rent growth and widen vacancy buffers by 1–2 points, as weaker employment growth limits tenant affordability and increases turnover risk.

Read at Statistics Canada Browse deals