FX.co ★ Canada’s Permanent Wage Growth Cools in October, Easing to 2.0%

Average hourly wages for permanent employees in Canada slowed in October 2026, with annual growth easing to 2.0%, down from 2.3% recorded in September 2026. The latest figure, updated on 6 November 2026, indicates a modest deceleration in wage momentum.

The October reading suggests that pay pressures in the permanent segment of the labour market may be easing, which could have implications for broader inflation dynamics and central bank policy expectations. While the slowdown is relatively small, continued weakening in wage growth would likely be watched closely by policymakers and investors as a signal of cooling labour demand or increasing slack in the job market.

Markets and analysts will be looking to upcoming labour and inflation data to determine whether October’s move is the start of a more sustained trend in wage moderation or a temporary pause following stronger growth earlier in the year.