Explore Careers - Job Market Report

National Outlook ' 10-Year Projection (2015-2024)

This section provides labour demand and labour supply projections for this occupation over the 2015-2024 period.

Occupational outlook

This section provides labour demand and labour supply projections for this occupation over the 2015-2024 period.

Table on the demographic profile for your chosen occupation at the national level.

Employment in 2014	27,100
Median Age of workers in 2014	47
Average Retirement Age in 2014	61

Occupation Projection for Canada

In order to determine the expected outlook of an occupation, the magnitude of the difference between the projected total numbers of new job seekers and job openings over the whole projection period (2017-2026) is analyzed in conjunction with an assessment of labour market conditions in recent years. The intention is to determine if recent labour market conditions (surplus, balance or shortage) are expected to persist or change over the period 2017-2026. For instance, if the analysis of key labour market indicators suggests that the number of job seekers was insufficient to fill the job openings (a shortage of workers) in an occupational group in recent years, the projections are used to assess if this situation will continue over the projection period or if the occupation will move towards balanced conditions.

Over the 2014-2016 period, employment in this occupational group increased significantly. The unemployment rate was stable, around 3.6% in 2016, and lower than the national average of 7.0%. Additionally, the average hourly wage for this occupational group increased faster than the average for all occupations. Despite some indications of labour market pressures, the analysis of additional indicators suggested that the number of job seekers was sufficient to fill the job openings in this occupational group over the 2014-2016 period.

For Insurance, real estate and financial brokerage managers, over the period 2017-2026, new job openings (arising from expansion demand and replacement demand) are expected to total 13,000, while 13,700 new job seekers (arising from school leavers, immigration and mobility) are expected to be available to fill them.

As job openings and job seekers are projected to be at relatively similar levels over the 2017-2026 period, the balance between labour supply and demand seen in recent years is expected to continue over the projection period. Most job openings are expected to arise from retirements, since the retirement rate is expected to be higher than the average for all occupations. Indeed, since several years of labour market experience are generally required to occupy a management position, workers in this occupation are typically older than the average for all occupations. Expansion demand is projected to be higher than the average for all occupations, representing a significant source of job openings over the projection period as well. However, this growth will be weaker than during the 2007-2016 period. The rising number of real estate transactions as baby boomers move into smaller houses and the ensuing need for house insurance will support employment growth in this occupation over the projection period, although the increase in online services will result in weaker employment growth than over the last decade. With regard to labour supply, job seekers are expected to mainly come from other occupations. Workers who have considerable experience in the finance, insurance, real estate and leasing services sector as well as solid management skills will be good candidates to become managers. A sizeable number of new immigrants are also expected to seek employment in this occupation. Finally, school leavers are expected to represent very few job seekers.

This Chart contains data for Projection of Job Openings vs. Job Seekers for Canada. Information is available in the following tables.

Table of job opening projections for the occupational group containing your chosen occupation.

Category	Openings	%
Expansion Demand	3,500	27%
Retirements	8,100	62%
Other Replacement Demand	1,000	8%
Emigration	500	4%
Projected Job Openings	13,000	100%

Table of job seeker projections for the occupational group containing your chosen occupation.

Category	Seekers	%
School Leavers	600	4%
Immigration	2,600	19%
Other	10,500	77%
Projected Job Seekers	13,700	100%

In which industry or sector do people in this occupation find jobs in Canada?

This table shows the industry and sectors employing the highest number of people in this occupation.

This table shows the industry sectors employing the highest number of people in this occupation.

Industry / Sector	%
Real estate and rental and leasing	59.95
Finance and insurance	31.55
Construction	2.17
Public administration	1.18
Professional, scientific and technical services	1.09

What percentage of people in this occupation are self-employed?

This occupation (Insurance, real estate and financial brokerage managers) is part of a larger group called Managers in financial and business services (NOC 012). According to the Labour Force Survey (2015), in Canada, 12% of workers in this group were self-employed, while the average for all occupations was 14%.

What proportion of people in this occupation work full-time?

According to the Labour Force Survey (2015), in Canada, 96% of workers in this occupation worked full-time, compared to the average of 81% for all occupations.

What is the proportion of women working in this occupation?

According to the National Household Survey (2011), in Canada, women represented 44% of workers in this occupation compared to the average of 48% for all occupations.

What percentage of people in this occupation are members of a union?

This occupation (Insurance, real estate and financial brokerage managers) is part of a larger group called Managers in financial and business services (NOC 012). According to the Labour Force Survey (2015), in Canada, the unionization rate for this group was 4%, while the unionization rate for all occupations was 31%.