Uptick in employment bodes well for Calgary’s housing sector

Fresh figures from Statistics Canada showed that Calgary is exhibiting steady growth in employment numbers—a development that some observers argued would prove ultimately beneficial to the city’s long-struggling residential real estate market.

StatsCan revealed that as of February, the Calgary jobs market has seen reductions in its unemployment rate for the second straight month—from 9.8 per cent in January to 9.4 per cent in February, after several months of double-digit rates.

For Alberta as a whole, the unemployment rate declined to 8.3 per cent in February (from the 8.8 per cent the month prior), the Calgary Sun reported.

The province’s less-that-stable economy—in large part due to the severe oil shocks—during the past few quarters has proven to be a headache for housing industry players.

“Alberta’s rollercoaster economy is certainly a challenge. In 11 years, this is the third downturn I’ve seen, and I’ve seen a lot of agents come and go in the process,” Alberta-based real estate professional Andrew Russell told MBN recently.

The Royal Bank of Canada has predicted a 2.1 per cent growth rate for the Albertan economy this year, the second fastest pace in Canada, as well as 3.3 per cent in 2018.

MBN

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