The future of Alberta’s housing market hinges on the economic growth in the region. The employment rates have remained high and people are migrating to Alberta.
Toronto, Ontario (PRWEB) August 18, 2012
On Tuesday, August 14th, The Canada Mortgage and Housing Corporation presented its revised forecast for Canada’s housing market in 2012 and 2013. According to the report, Canada’s housing market will see a slowdown in housing starts and sales in the rest of 2012 as well as in 2013. However, the report indicated that Alberta will witness an increase in housing construction as well as sales. Marcus Arkan, CEO of Syndicate Mortgages, has also shared his analysis on CMHC’s latest revelations stating that Alberta might play a significant role in supporting the economy.
According to CMHC’s outlook for 2012 and 2013, the number of housing starts in Alberta will remain higher than rest of the country. Around 400 more housing starts are expected in 2013 as compared to 2012. While this sums up to a 1. 25 % increase, housing starts in rest of the country, according to CHMC, will slide 6.8%.
Mr. Marcus Arkan credits the province’s thriving economy as the major reason behind its strengthening housing sector. He said, “The future of Alberta’s housing market hinges on the economic growth in the region. The employment rates have remained high and people are migrating to Alberta. Most importantly, oil prices have remained high due to which the investment in the energy sector has improved tremendously. ”
According to CMHC’s report, the employment rate will further improve at 2.9 % in Calgary and 2.5 % in Edmonton. Similarly, 2013 is also expected to leverage the migration growth up to 28 % at 57,800. Housing starts are also predicted to increase. CMHC forecasts that there will be over 32,000 housing starts in 2013. The highest number of starts in Alberta are expected to be in Edmonton. This will also give an upward push to the province’s resale market as CMHC predicts it to reach 59, 800 during the fourth quarter of 2012.
Mr. Arkan said that the surplus growth in the region will also result in the increase of prices in
the region. “For the rest of the country, the growth of prices will slow down a bit. Since Alberta seems to be moving in a completely different direction, the price growth will remain comparatively faster.” This is exactly why the revised CMHC’s outlook predicts a 2.5 % increase in price growth this year, and 2.8 % in 2013.
About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.
Syndicate Mortgages Inc.
Toll Free: (888) 646-1062