2018 household income prospects not looking up

According to The Conference Board of Canada’s latest report titled Compensation Planning Outlook 2018, Canadians should not expect a substantial addition to their households’ coffers in 2018.

The study revealed that non-unionized employees across the country will see only a 2.4% increase in their salary next year, just slightly higher than the 2017 growth of 2.2%. Projected increases are highest in the pharmaceutical and chemical products industry at 2.7%, and lowest in the health sector at 1.6%.

Increases of 2.6% are expected in the real estate industry, along with organizations in construction, finance, and insurance.

Read more: Canadian debt-to-disposable income load rises in Q2

The highest-demand postings remain IT specialists, management, accounting/finance, engineering, and skilled trades.

On a regional basis, Manitoba, Ontario, and Quebec lead the way 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%.

“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,” according to Allison Cowan, director of Total Rewards Research, The Conference Board of Canada.


Related stories:
Stress test to hit ‘move-up’ home buyers the hardest
Ontario gov’t tinkering with payday-loan regulations a good thing – analyst
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Do you invest in commercial properties?