Economic Growth History Of 2017 In Canada

New Homes Edmonton

The growth will be led by Vancouver, according to the Metropolitan Outlook: Autumn 2016. Toronto and Halifax will also be push horses. At the other extreme will be Calgary and Edmonton, both located in Alberta, the province most affected by the fall in oil prices.

About Calgary and Edmonton

Another year of recession is living in both cities. The forecast, however, is modest recovery for 2017.

Both Calgary and Edmonton continue to suffer from the consequences of falling oil prices in international markets. But analysts at the Conference Board predict that the recession will come to an end at the end of 2016, as well as a recovery in 2017, thanks, of course, to a recovery in crude oil costs.

Calgary contraction

The Calgary contraction will be lower than that recorded in 2015 (-3.2%). Not only the energy industry has been affected, but all those with indirect links, such as non-residential construction, manufacturing, transport and deposits, as well as services and wholesale and retail. The high unemployment (already double digit) is affecting consumer confidence, which is having a negative impact on the real estate market and personal services (ranging from hospitality and catering, to entertainment and arts).

Expectation that oil prices

The expectation that oil prices will increase gradually, although they will remain below the 2014 levels, is what leads the Conference Board analysts to foresee this rebound for Calgary, which will also feel in employment.

New Homes Edmonton will live a reality similar to that of Calgary, although in this city the construction sector has been hit the hardest in recent months (activity has fallen 15% in 2015 and 8.5% this year).

The economy of Calgary will close this year with a contraction of 2.1% but in 2017 there will be a rebound that will result in a growth of 2%. In the case of Edmonton, the contraction will be 1.4% this year, but the advance will be 2% in 2017.

The Edmonton Real Estate sector is key to progress, especially new construction and non-residential projects. Other sectors that register and will register important growths are finance and insurance, very tied to real estate.

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