It's been a tough time for job seekers in Canada, and one man is highlighting just how scarce the market is right now in a shocking photo. 

B.C. resident Gurmukh Thiara shared a screenshot of two security guard jobs at a pair of Metro Vancouver companies. The photo uploaded to X shows the startling competition job seekers are up against, as over 500 people applied for one posting and over 11,500 applied for the other. 

A B.C. resident saw that a shocking 11,500 people had applied for one job opening that he was consider, and more than 500 to the other. Screengrab from Gurmukh Thiara/X.

According to Richard Forbes, lead economist at the Conference Board of Canada, the job market in Canada has cooled considerably over the past year. 

"We came into 2023 blazing hot, but as interest rates continue to increase, we saw job prospects kind of dwindle, especially over the second half of last year, and that's bled into this year," he said in an interview. 

Additionally, the job vacancy rate has fallen, meaning fewer jobs are available for the total job seekers. Due to the uncertainty of interest rates and inflation, employers also hesitate to invest in new workers, Forbes notes. 

“We've seen inflation start to come down now… But when interest rates and inflation is still really high, that’s worrying for a lot of companies.”"

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While the labour market is still fairly tight and Canada has seen the unemployment rate rise, it's generally a favourable environment for job seekers, according to Forbes. It's just not as favourable as it was a year ago.

Regarding the Indeed application screenshot Thiara shared on X, Forbes suggests the demand for security jobs reflects the type of labour available in the area.

"There's still quite a bit of mismatch in skills in the Canadian economy. So, as a whole, we can talk about the labour market and say it's still a favourable environment for workers because there are a lot of labour shortages in the economy."

"But there are certain skills and occupations that have skill mismatches in the economy. So when we talk about a lot of the shortages, we're talking about a lot of skilled trade and workers in industries like retail or food services. But there are certain positions where there might be a lot more applicants."

Forbes admits that it can be a "difficult situation" for job seekers who are trying to stand out among hundreds to thousands of applicants. However, he advises that "it's best to keep applying."

"It is important to remember now that today, it's a lot easier to apply to jobs than it was last year or a few years back… I would encourage people not to get discouraged."

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Hope on the horizon

While the labour market has cooled off, he says the CBOC predicts it will turn around in the year's second half. 

"That's when we think interest rates are going to start to come down, and the economy's going to pick back up," he said. "We're in a bit of a lull right now, but there are definitely some brighter days ahead."

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Forbes adds that CBOC is projecting interest rates to start falling in June, which will make costs easier and allow companies to invest in hiring. 

Additionally, population growth in Canada has remained strong because of the record number of immigrants coming in.

"We do think that's beneficial for the economy as a whole as there are more skilled workers coming in. We see a lot of spillover effects with more jobs being created and more investment."