Saskatchewan Sector Profile: Finance, Insurance, Real Estate, Rental and Leasing

sectoral_profile_saskatchewan_finance

Finance, Insurance, Real Estate, Rental and Leasing (NAICS 52-53): Saskatchewan, 2024

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Highlights

• According to IBISWorld's Canada Province Economic Profile, in 2023, Saskatchewan's real estate sector grew by 1.6%, with a steady annualized growth rate of 1.5% from 2018 to 2023. The finance and insurance sector showed more robust growth, with a 2.6% increase annually and 3.3% annualized growth from 2018. Statistics Canada's Labour Force Survey reports that employment in finance reached 23,096, while jobs in real estate decreased to 5,317.
• Full-time wages in the province's finance, insurance, real estate, and leasing sectors grew by 10.4% from $1,296.72 to $1,430.91 between 2019 and 2023. Part-time wages saw a significant 30.2% rise, from $404.15 to $526.48 in the same period.
• Benefiting from global supply chain disruptions, Saskatchewan has become a key North American supplier of commodities like natural gas, oil, potash, and wheat, boosting its financial and real estate sectors' growth and employment beyond national trends.

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About the Sector

Composition and importance of the sector

The finance, insurance, real estate, rental, and leasing (FIRE) sector is comprised of two major subsectors. The finance and insurance industry comprises firms that are engaged in and facilitate financial transactions such as banks, monetary authorities, and credit unions. Insurance companies also belong to this subsector. The real estate, rental, and leasing subsector is composed of firms that are involved with selling, renting, and buying real estate.

In 2023, the Finance and Insurance sector in Saskatchewan employed 15,145 full-time equivalents (FTEs), enjoying a robust annual growth of 3.5%. From 2018 to 2023, the sector expanded by 8.5%, significantly contributing over 3.17 billion CAD to the province's GDP. This represents a growth of 2.6% in 2023 alone, with an annual average increase of 3.3% over the past five years.

The Real Estate and Rental and Leasing sector played a key role in Saskatchewan's economy in 2023, employing 4,860 individuals. It contributed approximately 8.19 billion CAD to the GDP, marking a 1.6% increase for the year and an average annual growth of 1.5% over the last five years. Should high commodities prices persist the province's FIRE sector should be poised for continued growth.

Geographical distribution of employment

Dun and Bradstreet's 2023 survey revealed a geographically concentrated distribution of firms in the Finance and Insurance sector, with Regina (717), Saskatoon (592) and Prince Albert (76) as major hubs. The Real Estate and Leasing industry has a similar concentration in Regina (474), Saskatoon (476) and Prince Albert (77).

Employment (NAICS 52-53) by Economic Region, Saskatchewan, 2023

Economic Regions, Saskatchewan	Employment (x 1,000), 2023	Sector (NAICS 52-53) Share (%)
Regina-Moose Mountain, Saskatchewan	12.7	43.20%
Swift Current-Moose Jaw, Saskatchewan	2.4	8.16%
Saskatoon-Biggar, Saskatchewan	9.3	31.63%
Yorkton-Melville, Saskatchewan	1.6	5.44%
Prince Albert and Northern, Saskatchewan	3.4	11.56%

Source: Statistics Canada, Labour Force Survey

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Workforce

Workforce characteristics

Source: Statistics Canada, Labour Force Survey

From 2000 to 2023 in Saskatchewan's finance and insurance sector, young adult men's employment peaked in 2003, then stabilized by 2023, while young adult women's employment, initially higher, peaked in 2003 and declined by 2023. Employment for prime working-age men was steady, with a slight rise by 2022 and a minor fall in 2023. Prime working-age women consistently had higher employment, with a peak in 2008 and a slight decline by 2023. Senior employment trends were upward for both genders, with peaks in 2020 for men and in 2022 for women, followed by a decrease in 2023.

In full-time roles, young adult men saw instability, whereas women's employment was more consistent, with both demographics reaching stability by 2023. Senior women concluded 2023 with more full-time roles than men. Part-time positions were significant for prime working-age women, with a peak mid-decade and a decrease by 2023. The sector's employment patterns indicate potential volatility due to various factors.

In the real estate and rental and leasing sector, young adult men's employment spiked in 2003, steadied by 2020, with a full-time peak in 2015 and no part-time data. Young adult women's employment peaked in 2004, with limited data available thereafter. Prime working-age men had stable employment from 2000 to 2023, with a full-time employment recovery from a 2005 decline. Women in this age group saw more employment variability but reached a high in 2023 with consistent part-time work records. Senior men's employment grew with notable peaks in 2017 and 2019 but fell by 2023; part-time data is sparse but indicates a potential increase. Senior women's employment increased until peaking in 2011, with fluctuating figures afterward and sporadic full-time employment growth.

* Current prices

Source: Statistics Canada, Labour Force Survey

Looking at the available full-time data for the most recent year, 2023, we can observe that full-time male employees in the Saskatchewan FIRE sector aged 25 to 54 years earned $1,702.99 on average per week, while their female counterparts earned $1,301.56, a difference of 30.8%.

For the age group 55 years and over, men earned $1,879.48 compared to women's $1,434.70, showing a 31% difference. For part-time employees in 2023, the data is only available for those aged 15 to 24 years and shows that females earned significantly more on average per week ($700.84) compared to males in the same age group ($936.11) in the finance sector. This represents a -25.13% difference in earnings.

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Occupations of Interest

Source: Statistics Canada, Labour Force Survey, ESDC custom table

In Saskatchewan's FIRE sector, the COPS employment outlook for Insurance Agents and Brokers (NOC 63100) is good, with an estimated 2,450 employees, 65% of whom are women. The majority work full-time. Insurance and Financial Sales Representatives (NOC 63101 & 63102) also have a good job outlook, with a balanced gender distribution and predominantly full-time roles.

Financial and Investment Analysts (NOC 11101) face a moderate employment outlook, with around 1,100 in the field, mostly full-time, and a 60% male to 40% female gender split. Real Estate Agents (NOC 63101) are expected to have good job prospects through 2025, with about 1,700 positions, balanced gender representation, and primarily full-time work alongside high self-employment. Property Administrators (NOC 13101) have a moderate employment outlook, with nearly 900 employees and nearly balanced gender distribution, mostly holding full-time positions.

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Recent History

The job outlook in Saskatchewan's Finance, Insurance, Real Estate, and Leasing (FIRE) sectors is shaped by several influencing factors. On the positive side, the province's annual population growth of 1% is expected to increase the demand for housing and financial services, which directly benefits the real estate and leasing industries. Furthermore, a steady business growth rate of 0.3% and the significant contributions of the real estate sector to the GDP indicate a stable economic environment that could foster growth in the FIRE sectors. Additionally, the high employment levels in sectors that complement FIRE activities, such as healthcare and manufacturing, suggest a solid consumer base that may require more financial services, insurance products, and real estate transactions.

However, there are challenges that could limit growth in these sectors. The modest GDP growth rate of 0.3% might signal an economy that is not rapidly expanding, which could constrain the growth potential of the FIRE sectors. The dominance of the oil and gas extraction industries also poses a threat by potentially attracting investment and talent away from FIRE, thereby limiting their expansion. Moreover, an unemployment rate of 6.2% suggests that a significant portion of the population may not have the financial capability to invest in real estate or purchase insurance policies, which could dampen growth prospects in these areas.

Given that the employment trends are positive with a high rate of employment in complementary sectors and considering the balanced gender distribution in employment within these sectors, there is potential for sustained demand driving future employment in the sector.

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Employment Outlook

ESDC's COPS forecast on factors driving labour supply and demand show that Saskatchewan's FIRE sector will grow at a moderate annual rate of 0.79%, in keeping with national trends. From 2023 to 2025, Alberta's financial institutions will have to navigate changes in the economy, regulations, and technology.

Canada's National Occupational Projection System projects supporting sectors, like computer systems design, to grow at a rate of over 1.91% per year. The projected growth rate of supporting sectors, such as Computer Systems Design, is over 1.91% annually, according to Canada's National Occupational Projection System. In comparison, Management and Support Services might grow at 1.19% annually, suggesting a ripple effect of job creation in tech and administrative services tied to financial activities.

Employment Trends (NAICS 52-53), Saskatchewan

Economic Regions, Saskatchewan	Employment (x 1,000), 2023	Growth Trends	Growth Trends
Regina-Moose Mountain, Saskatchewan	12.7	The figures start and end at the same point (12.7) over the five-year period, with a slight dip in 2020 and gradual recovery thereafter. This suggests resilience in the sector, with a return to initial employment levels by 2023.	increase
Swift Current-Moose Jaw, Saskatchewan	2.4	After a minor decrease in 2020, there's a steady recovery and growth in the following years. By 2023, employment surpasses the 2019 level, indicating a positive trend.	increase
Saskatoon-Biggar, Saskatchewan	9.3	This region shows some volatility. After a slight increase in 2020, there's a notable drop in 2021, followed by a recovery in 2022, but then it drops back down to the 2021 level in 2023. This could suggest some instability or cyclical changes in the sector's employment.	decrease
Yorkton-Melville, Saskatchewan	1.6	The trend here is quite erratic with a significant rise in 2020, a sharp fall in 2021, then a substantial increase in 2022, and a decrease again in 2023. This region exhibits the most fluctuation, which could be due to various external factors affecting the sector.	decrease
Prince Albert and Northern, Saskatchewan	3.4	The trend here shows an initial increase until 2021 followed by a decrease in 2022 but returning to the 2019 level by 2023. This indicates a period of growth followed by a correction before stabilizing.	increase

Source: Statistics Canada, Labour Force Survey

The insurance industry in Saskatchewan is likely to continue its digital transformation, aiming for more online personalization, a trend gaining momentum across Canada.

Because of low mortgage rates and government assistance during the pandemic, Saskatchewan's real estate and leasing sectors have demonstrated resilience despite global economic challenges, with steady growth in output and employment. However, growth may slow because of rising inflation, interest rates, and a potential dip in demand for real estate. While consumer spending and the demand for new housing may be the key drivers of growth in the short term, the long-term outlook points to moderation because of slower job growth and the impact of an aging population on spending patterns. These trends reflect the broader Canadian economic patterns experienced within the sector.

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Prepared by: Labour Market Information Directorate, Service Canada - Western Canada and Territories (W-T) Region

For further information, please contact the Labour Market Information Directorate here.