Alberta, the province of plenty, is forecast to keep on increasing its rate of housing starts, despite predictions for a national decline. Experts from Altus Group are seeing a leveling-out in the Canadian real estate scene, due to a very impressive performance. Housing starts, uniform pricing, and good markets for resale indicate that the economy, as a whole, is doing quite well, compared to the ailing US market. Now it's looking as though this stellar performance can only go on so long before we experience a bit of a correction.
Reasons for the increase in Alberta starts include several factors. One is that many residents of BC and Ontario are flocking to prosperous Alberta, seeking jobs and lower costs of living. Calgary, in particular, is popular for its recreational scene, given its proximity to the mountains, its fabulous shopping, and its nightlife, not to mention that Maple Leafs fans have a much better chance of seeing the Cup if they jump on the Flames' bandwagon! Sports aside, Alberta's new residents are also coming here for better wages. Until recently, BC's minimum wage was the lowest in the country. That has changed, but BC still remains an expensive place to live, compared with Alberta.
Calgary real estate starts are expected to jump up approximately 100 units from last year, to 9,400. That's significant when compared with the 10,000-unit dip in starts predicted across Canada. While the economics of the country at large face a shaky future due to uncertain financial conditions and more stringent mortgage regulations, Calgary continues to draw business and wealth, making it a great, and affordable, city to invest in.
If this trend continues, Calgary real estate buyers can expect more housing choices than elsewhere in Canada. A low interest rate, too, provides a great opportunity to lock into a mortgage, which, in turn, gives the peace of mind that comes with knowing your payments will be the same every month.