Alberta is heading for a Real Estate Boom

real estate boom

I’m excited about some news and I wanted to share it with you! For those who own a home already or looking to buy soon, I’m happy to say Alberta and Edmonton is heading for another boom.

If you are THINKING about buying a home or rental property… NOW is the time. I don’t need a crystal ball to know what’s brewing. Just take a look around and read the news articles.  If you don’t trust the columnists/reporters just visit the Alberta Treasury Board and Finance website. A heading for their article is “ Alberta’s economy enters 2014 firing on all cylinder.” What does this all boil down to? Well, the components to create a perfect storm are aligning and the end result will be a new boom in Alberta!  Here are the components we are experiencing:

1)  The dollar is devalued… This means oil is produced in Alberta and paid with Canadian dollars. When sold in the higher U.S. dollars, this is a hike in profit for the oil producers.
2)  Job growth and full employment. Developers out east are viewing Alberta as favorable place to set up shop. We have projects that are delayed simply due to lack of qualified workers. So, not only will Alberta attract people from outside of province, but also out of country.
3)  Net migration into Alberta last year is 43,000 according to Robert Kalcic, Senior Economist with BMO Capital Market. This year that number will be higher.
4)  Low volume of homes sales. Many, we see now have multiple offers.
5)  Close to all time historic low interests

So, let’s add all of that up: low volume of homes, high demand = higher prices or higher rents…The Perfect Storm. So, if you missed the boat, or were too young during the last boom you may want to act now. Dorothy, hold onto your slippers we’re in for a ride!

What an exciting time to be in Alberta! Give me a call to discuss your financing options.

Here are links to the news articles and data that I’ve extracted my information from:

http://www2.canada.com/edmontonjournal/news/business/story.html?id=ab10cab1-c242-44f4-99db-bf23a39ac9c4

http://www.edmontonsun.com/2014/03/14/hicks-on-biz-a-boom-is-happening

http://www.theglobeandmail.com/report-on-business/economy/housing/alberta-housing-market-set-to-
surge-bmo/article17493280/

http://globalnews.ca/news/1220698/migration-to-alberta-is-exploding/

http://www.finance.alberta.ca/aboutalberta/economic-trends/current-economic-trends.pdf

Written by Chita Metcalf – Contact her today to get yourself pre-approved for a new mortgage.

The Mortgage Group

Phone: 780-932-2225

Website: www.EdmontonMortgageSource.com

Tags: , , , , , ,

This entry was posted on Thursday, March 27th, 2014 at 4:35 pm and is filed under Economic News, Economy, Edmonton, Edmonton Real Estate Forecast, Forecast, Real Estate, Real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.