Employment in Canada rose by 54,000 jobs in November, marking a third-consecutive monthly increase and helping push the national unemployment rate down to 6.5%, Statistics Canada reported.

But more Canadians are worried about their job security and employability than they were around the time time in 2024.

The findings have implications for future commercial real estate investment, development lending and leasing decisions. Investors, developers, lenders and occupiers pay close attention to employment figures while making long-term plans.

StatCan said the employment gain was driven largely by part-time work, which increased by 63,000 positions during the month as total jobs rose by 30 bps year-over-year. The overall employment rate edged up 10 basis points to 60.9%, while the number of unemployed people fell by 80,000 to 1.5 million.

Job growth was concentrated among youth aged 15 to 24, whose employment rose by 50,000, the first notable increase for this group since the start of the year. The youth unemployment rate fell for the third month in a row. The declines offset increases posted earlier in the year.s

 “Our recent work found a clear relationship between the rise in the population of young workers and youth unemployment over the past few years,” said wrote Desjardins Economist Kari Norman in a separate report. “Since mid-summer, the population growth for this cohort has been flat or negative, while the youth unemployment rate has pulled back from a high of 14.6% in July to 12.8% in November. If this trend continues—which would be unsurprising given the federal government’s more stringent plans for international student admissions—youth may find next summer’s job market to be more welcoming than last summer’s.

Employment levels were little changed for core-aged workers and those aged 55 and older, said StatCan.

By industry, the largest increase was recorded in healthcare and social assistance, which added 46,000 jobs. Employment also rose in accommodation and food services and in natural resources, while wholesale and retail trade shed 34,000 positions, largely reversing gains seen in October

Provincially, employment increased most in Alberta, which added 29,000 jobs and saw its unemployment rate fall to 6.5%. Gains were also reported in New Brunswick and Manitoba, while employment levels were little changed in Ontario and Quebec.

Average hourly wages grew 3.6% year over year in November, up $1.27 to $37.00. The participation rate slipped 0.2 percentage points to 65.1%, reflecting a slight decline in the overall labour force.

From September to November, total employment increased by 180,000 jobs, said the report.

Despite the jobs increase, fewer Canadians feel that their jobs are secure, said StatCan. In November, 73.6% said they did not believe they might lose their jobs in the next six months, but that total marked a 4.1% year-over-year decline.

“This lower sense of job security may reflect a more uncertain economic environment, industry-specific concerns with layoffs and other factors,” said StatCan in a thinly veiled reference to U.S. tariff increases and higher Canadian-American trade tensions.

More Canadians are also feeling less confident about their employability than they were in 2023, the last time such data was compiled. In November, 42.8% said it would be easy to find another job offering a similar salary, down 140 bps from the same month in 2023.

In November 2025, confidence was lower among employees dependent on U.S. demand for Canadian exports (36.6%) versus workers in other, non-export-dependent industries (43.4%.)

Desjardins’ Norman said the strong jobs report supports the company’s view that the Bank of Canada will keep policy interest rates on hold for the foreseeable future while seeking to keep inflation in the 2% range.

“We expect the Bank of Canada to keep policy rates on hold for the foreseeable future,” wrote Norman.