Investing: Alberta’s Growth Continues To Outpace The World
Alberta Rules the Prairies and Beyond
Alberta’s growth continues to outpace the rest of the country and most of the rest of the world. Housing starts are up, home sales are up and now the influx of investment and new residents isn’t just piling in from the rest of the globe but from the rest of Canada too, as panic about the stability of Ontario and B.C. real estate markets sets in. Financial firms still boast the most strength on the map and even non-financial corporations are sporting record balance sheets with billions in surplus cash waiting to go into expansion moves. In fact, banks are so confident they are already raising rates, led by RBC.
Calgary Reigns Supreme [for now]
Despite some considering the city expensive the Calgary Metropolitan Area has enjoyed a 29% boom in housing starts in 2012, a 12% increase in MLS sales and continued drops in commercial real estate vacancy rates and strong leasing figures. However, while no one expects the Calgary market or its stunning commercial real estate returns to fall off the map anytime soon the CMHC does expect some easing next year. In fact, the demand for Calgary real estate has already been significantly spreading outwards as new Alberta residents search for more affordable homes and more for their money as well simply due to a lack of supply. Canada Mortgage and Housing Corp. Votes for Edmonton CMHC predicts Edmonton will see an increase in construction starts in 2013 while Calgary sees a dip in activity a trend which is expected to be mirrored in MLS sales as well.