MARKET UPDATE – December 1, 2017
Sales in Red Deer in November were down compared to October’s and the early onset of winter may have been at least partially to blame. Sales are off slightly compared to last November, while the number of active listings remains considerably higher, keeping buyers in the driver’s seat. According to the Alberta Treasury Branch there are signs that the economy is gradually improving and we are hopeful that will translate into a more active market in 2018.
The key findings of ATB’s latest Economic Outlook are:
- Alberta has emerged from two years of recession with real GDP growth of around four per cent in 2017. ATB Financial’s Economics team is forecasting real GDP growth of 2.7 and 2.2 per cent in 2018 and 2019, respectively.
- Retail and housing sector performance has improved.
- Oil prices have steadied, and have begun to inch higher (currently around $US 55 per barrel).
- Alberta’s energy sector will grow this year.
- Tourism, agriculture and agri-food will continue to show steady growth.
- Net out-migration to other provinces is likely to taper off but continue at a slower rate next year.
- Alberta is expected to see a stubbornly high unemployment rate in 2017 and 2018.
