Over the last several months, many people have been wondering about the Alberta economy and asking some very important questions…”is it over?”…”when will things get better?”…”when should I sell my home?”…etc.
This week, MaxWell Canyon Creek attended the annual National Bank 2019 Economic Forecast to get some insight on what could happen. The evening included excellent presentations from President & CEO – Louis Vachon and Chief Economist and Strategist – Stefan Marion. According to National Bank things are looking up for the upcoming year within our Canadian economy and the global markets as well.
According to the National Bank:
- We have been in the recovery mode of the downturn for the past six months, which means that we have seen growth in various sectors of the economy, including housing in most areas of Canada and this growth is expected to continue and become stronger in 2019;
- Canada is still under investing according to other countries and because of this our growth will be slower;
- Bank of Canada will continue to raise interest rates and we will probably see at least one more rate increase before the end of November;
- Buying in most areas of the country is less expensive than renting but people are still struggling with qualifying under the new mortgage regulations, and this is one of the reasons why we are experiencing a slower market;
- Our labour force in Canada is more educated than other countries and there is a 13% gap in favour of Canada over the US;
- The Alberta labour markets are outpacing other provinces and Calgary is ahead of Edmonton;
- Alberta has the best net provincial migration;
- 21% of our population is foreign born;
- On the political front; National Bank feel that we will see changes in both the provincial and federal landscapes in 2019. This will spark continued growth in all business sectors and it will help to renew confidence on the world stage for Alberta and Canada.
So, it’s not all fantastic news, but it’s realistic and I feel that we can be very optimistic for our future in Alberta and as a nation. A big Thank-you to Roger Arsenault from MaxWell Canyon Creek for supplying the information from the evening.
If you would like more information about event, or about Real Estate in the Calgary area, please call me today!
Bruce Voigt – REALTOR/C.C.S.
MaxWell Canyon Creek