While home prices continue to rise nationally the affordability gap won’t be solved by wage rises.
The Conference Board of Canada says that average pay for non-unionized employees is projected to be 2.4% in 2018, slightly up from the 2.2% actual increases seen in 2017.
Those working in pharmaceuticals and chemical products are expected to lead the wage rises with 2.7% while those in the health sector will see just 1.6% more.
"While the Canadian economy is firing on all cylinders this year, growth projections for next year and beyond show a slowing down of the economy. As a result, business leaders continue to exercise caution, keeping a cap on organizational spending and, by extension, salary increases," said Allison Cowan, Director, Total Rewards Research, The Conference Board of Canada.
Regionally, Manitoba, Ontario, and Quebec lead the pack in terms of projected increases, with wage gains ranging from 2.6% to 2.5%. Meanwhile, the lowest average base pay increases are expected in Alberta and Saskatchewan, at 2.1%.
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