Calgary's Economic Recovery Continues

Now that the dust has settled following the excitement of the annual Calgary Stampede and, of course, the much heralded visit from royal newlyweds the Duke and Duchess of Cambridge, residents of the Canadian city are looking forward to a busy year of growth.

Following encouraging news published recently regarding significant employment growth in Alberta, people here have good reason to be optimistic. According to figures an impressive 22,000 jobs were created in June, as the province's economy continues to go from strength to strength. In fact, in the year from June 2010, employment has grown an encouraging 3.5 per cent. As confidence in the regional economy has blossomed in recent months, many employers are advertising fewer contract and temporary jobs in favour of full-time positions.

More People Seeking Work & Homes

Of course, nobody is getting too complacent and as long as the global economy remains insecure, Canada's fiscal security is far from assured. And as a result of the positive figures, new residents continue to arrive swelling the numbers of those in search of work.

This overall increase in employment, and the number of people relocating to Calgary and surrounding communities, is great news for construction and home sales. As more people head to the area in search of gainful employment, it impacts significantly on the local housing market. After a rather slow year where prices and sales have been stable at best, the news that demand for properties in the Calgary area could be on the rise is certainly encouraging.

Calgary Real Estate Board® president Sano Stante recently said "It appears the recovery in the housing market is starting to find its footing". He added, "This gradual levelling has been fuelled by growth in employment, and in particular growth in full time jobs. Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the next."

And with average condo prices still lower than at the same time last year, there are some excellent opportunities available for those entering the market for the first time. Sales of single-family homes continue to grow, as confidence returns to the local market. Stante says "Improved housing demand is being fueled by a younger demographic and, with the affordability of homes in Calgary, we are continuing to see young Calgarians pursue ownership over rentals."

By the Krista Kehoe Writing Team