Alberta Economy Looking Up!
Posted by Chris Proctor on
While the nationwide economic picture still looks pretty grim, Alberta’s economy experienced relatively strong
growth of about 4% in 2010, and is expected to enjoy modest growth through
2011, according to Troy
Media.
Recovering crude oil prices seem to be driving most of this
growth, which would be even higher were it not for sluggish natural gas prices.
Still, in the shadow of the Great Recession and the biggest economic freefall
since the 1920s, 4% growth – heck, 1%
growth – is a good news story; especially when we note that other parts of
the country are still struggling mightily to right their local and regional
economic ship.
How the “Modestly Growing” Alberta Economy Impacts Home Buyers and Sellers
As I’ve blogged about a few times – and…
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As reported by the Edmonton
Journal, most Edmonton home owners are in for a jolt when they receive their 2011
tax assessments from the City of Edmonton. That’s because after two years of
declining prices, Edmonton’s 2010 property value assessments jumped an average of 9%.
Few scenarios keep home owners, or would-be home owners, anxiously
awake at night more these days than the fear of a US-style housing meltdown
making its way up here to Edmonton and the Great White North.
After a couple of years of unprecedented volatility, the housing market across Canada seems to be returning to normal.
Edmonton real estate buyers and sellers may think that the
only factors affecting their home’s (or future home’s) value is the condition
of the house, the neighbourhood, and even nearby amenities such as schools,
recreational facilities, malls, and so on. And while these are certainly a part
of the story, there’s another key consideration that both buyers and sellers
should be aware of, and prepared for: increasing employment rates.
Though it may be freezing cold outside, the real estate market in Edmonton is heating up again!
Are you in the market for your first home?
Earlier this month, the Canadian Real Estate Association (CREA) lowered its resale housing forecast for 2010 by a modest 4.9%. The decline is expected to reach 9% in 2011.
For months, real estate
professional and home sellers have been closely following negotiations between
the Federal Competition Bureau and the Canadian Real Estate Association (CREA). 
According to Dan Sumner, an
Economist at ATB Financial, Edmonton’s housing market is continuing to “correct” itself
after about year and a half of sizzling growth.