ATB predicting a modest rebound for Alberta
(November 06, 2016 )
Sales in Rocky in October slowed slightly compared to September, which is typical for this time of year. The number of active listings is down again, but still higher than the numbers we saw at this time last year. The 7.3% sales to listing ratio means buyers are still in the driver's seat with ample choices and competitive prices. Without question, this is the perfect time to buy, assuming we have seen the worst of the economic slowdown. The Alberta Treasury Branch has just released its latest economic report which seems to support that theory.
Largely due to a recovery in oil prices to around US$50, the ATB is predicting a modest rebound for Alberta of 2.1% growth after a contraction of 2.6% in 2016. It's not a boom for sure, but it is a move in the right direction. The contraction in our economy has been longer and more pronounced and there is no doubt it will take longer to recover.
In addition to rising oil prices, strong agriculture, tourism and high tech industries and the rebuilding of Ft. McMurray will contribute to a stronger Alberta economy in 2017. While the recovery will be slower, we are confident Alberta is still a great place to live and invest.