Finance, Insurance and Real Estate

Overview

Employment summary

Growth (2019-2020):
-0.8%
Job growth (2019-2020):
-1,400
Total employment (2020):
163,700

Source: 2020 Labour Force Survey

Key points
  • This industry accounts for about one-quarter of B.C.’s total GDP.
  • The majority of employment in this industry occurs in the Mainland / Southwest region.
  • Only a small percentage of employees have union coverage.
  • The unemployment rate is lower than the provincial average.

The Finance, Insurance, Real Estate and Leasing industry is made up of businesses that handle or arrange financial transactions on behalf of clients. Such businesses include banks and credit unions; insurance, real estate and leasing companies; and brokerages.

Workforce

Gender

Employment by gender in 2020

  Men: 45%
  Women: 55%

Source: 2020 Labour Force Survey

Provincial average in 2020

  Men: 52%
  Women: 48%

Source: 2020 Labour Force Survey

Age groups

% of employees under 25 years of age

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

% of employees 55 years and older

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Employment

Types of employment

2015 2020 B.C. average (2020)
Part time
(% of employees working part time)
2015
17%
2020
15%
B.C. average (2020)
21%
Self-employed
(% of employees who are self-employed)
2015
23%
2020
26%
B.C. average (2020)
18%
Temporary jobs
(% of employees in temporary jobs)
2015
4%
2020
5%
B.C. average (2020)
11%

Source: 2020 Labour Force Survey

Workplace

% of workers in firms less than 20 employees

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

% of workers in private sector jobs

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Unemployment rate

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Earnings

Average hourly wages in this industry

Men

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Women

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Youth

  • 2015
  • 2020
  • B.C. average (2020)

Source: 2020 Labour Force Survey

Location of work

Select your region:
Vancouver Island / Coast Mainland / Southwest Thompson-Okanagan Kootenay Cariboo Northeast North Coast & Nechako
  % employment of this industry
  % employment of all industries

Vancouver Island / Coast

Mainland / Southwest

Thompson-Okanagan

Kootenay

Cariboo

North Coast & Nechako

Northeast

N/A - Data not available

Source: 2020 Labour Force Survey

Employment outlook

2019 2024 2029
Forecasted employment
2019
151,400
2024
155,000
2029
158,800

Source: B.C. Labour Market Outlook

Forecasted average annual employment growth rate

  • 2019 - 2024
  • 2024 - 2029

Source: B.C. Labour Market Outlook

Forecasted industry share of total employment

  • 2019
  • 2024
  • 2029

Source: B.C. Labour Market Outlook

Additional resources

BC Financial Services Authority
https://www.bcfsa.ca/

British Columbia Real Estate Association (BCREA)
http://www.bcrea.bc.ca/

Chartered Financial Analyst Society of Vancouver
https://www.cfasociety.org/vancouver/Pages/default.aspx

Insurance Brokers Association of BC (IBABC)
http://www.ibabc.org/