Edmonton Boasts More Growth & Foreign Investment
Much of the $13.9 billion in commercial real estate sales in Canada so far in 2012 has been in Alberta, though while Calgary still boasts some large transactions all expectations are that investment returns and equity growth from investments in Edmonton to outperform from here on out. This is already clearly evident from recent jobs data from Statistics Canada. Coming in 3rd lowest in the nation, Edmonton boasts just 4.5% unemployment, beating out Calgary in 4th and a labour shortage is expected. This is no small fact, with the 3,500 jobs being added in the city in July accounting for 10% of all jobs created in the country. Even better, the city’s chief economist, John Rose points out this has been “almost exclusively full-time, high-paying jobs”.
Perhaps if Obama doesn’t cut it in November he’ll want to get a job north of the border and see just how job creation is done well. He might just be entering the job market at the right time too as the federal finance minister eliminated more requirements for Canadian companies hiring foreign workers. Now, Americans can simply pick up work permits at the airport on arrival and can even switch jobs once contracts end. This perhaps makes Canada’s foreign worker laws the easiest of any country on the planet, while firms continue to actively head hunt more workers south of the border.
With continued increases in foreclosures, declining home values and a lack of jobs in many parts of the U.S. there is no question that many workers will want to stay and will find buying homes here far more attractive and even more so if Obama does pull off a win in November. This on top of the current influx of population from other also brings a surge in consumer spending for the local economy. This all results in strengthening the local markets.