I am always keeping a watch on economic reports, studies and articles. I wanted to share an interesting article Financial Post about the Alberta economy: https://financialpost.com/news/economy/alberta-oil-boom-times-back?r I can appreciate the matter-of-fact tone of the article and about what’s been happening in the city, including how:
- Custom home builders already have wait lists for luxury homes to be completed in 2024
- Job creation in Alberta is expected to top the nation this year
- Oil and gas companies are experiencing a revenue windfall
- Businesses and real estate sales are thriving despite slowdown in other parts of Canada
- Commodity exports are still the engine that propels the economy
- Canada should be delivering more energy to the world but struggle with the contradiction between Canada’s economic and environmental policies
- Alberta led the country in net migration from other provinces in the fourth quarter of 2021
As someone that has lived and invested in this province for so long it’s nice to see these indications of a growing economy.
I remember that some economists I follow were touting Edmonton and Calgary as the place to invest 2 years ago, right before the pandemic and now we are seeing some of the forecasts of higher valuation and demand happening.
For my part, I’ve been monitoring the interest in my ads for the 3 units that I currently have listed and each of them are getting over 7000 views. I only get about 20 email inquiries, which is a number I target to know the rent rates are in the higher range but still priced right. The numbers are certainly showing people are looking for a place to live here.
We’ve been hearing of the immigration numbers for Alberta and I witnessed some of it firsthand. I was doing a showing at my Calgary 4 plex conversion last night to four different parties and all four were from the East Coast (all very lovely by the way!)
Overall, having invested for so long, there are always contradicting information out there and fears currently about how to act in the face of world political instability, how to adjust to the rising interest rates and inflation, among other things.
It’s not easy to navigate through all of it and nobody can read the future but if you stick to the fundamentals, and pay attention to key indicators, you won’t be too far off and taking smart action usually pays off more than sitting around and playing the “wait and see” game.
It looks to me that right now, investing in real estate in Alberta makes a lot of sense as we are only at the start of the curve. I have steadily jumped on opportunities over the last few years and especially during the pandemic which have turned out fruitfully for my investors.
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