Edmonton’s economy has been making national and international headlines lately, and not in the ways the city saw during its most booming years. But while many focus on the negative aspects of the oil market meltdown, as some are calling it, there are many people looking to the future with a smile.
A recent Canadian Mortgage and Housing Corporation (CMHC) housing conference at the Northlands Expo Centre looked at the long-term projections for the Edmonton markets. Experts took into account both single-family home construction and the multi-family projects still under development for their economic evaluations. All in all, the projections were optimistic moving forward, with recovery expected to begin as soon as 2017.
Part of the expected recovery comes down to Edmonton’s employment rate. According to Christina Butchart, the CHMC’s principal market analyst for Edmonton, the employment isn’t as gloomy as people have been led to believe. ”We're still seeing employment growth,” she , “So we are managing in this sort of new economic environment that we're dealing with," While oil jobs have been famously declining for well over a year now, other sectors have seen some growth, including in the health industry. Overall, the province’s estimated 37,000 missing jobs have been countered in Edmonton alone by nearly 7,000 health care jobs, including nurses and other much-needed jobs in the city.
Such increases in certain markets, coupled with slowing construction on certain kinds of homes, means the city could see some balance restored in the next couple of years. With fewer new homes going up, especially in the single-family housing markets, many home buyers and sellers can expect more reasonable experiences on both ends.
So while the short term may not be great for home owners, the long-term could see some of the natural balances the system has begin to influence the markets. The result could lead to some recovery in the next few years, which could help the entire province recovery as well.