Alberta To Lead Canada In Economic Growth
Alberta is expected to stand out and to lead GDP growth in Canada in 2023 and 2024 according to a report recently published by RBC. Alberta is expected to avoid a recession altogether and is expected to grow 1.9% in 2023 and 2.1% in 2023, thanks partly to a stronger energy sector and a broad-based recovery. BOOM TIMES ARE BACK!
Otherwise it looks like the worst is over for the real estate in Canada - expect markets to stabilize in 2023 and for Alberta real estate to outperform, especially in Calgary.
REPORT SUMMARY:
The overall Canadian economy is expected to experience a mild recession in 2023, due to easing inflation pressures and aggressive central bank interest rate hikes.
Inflation has been smaller and less-broad-based in recent months, as the global supply chain crunch eases and commodity prices fall from peak levels earlier this year.
Businesses are paying closer attention to competitive pressures before passing along cost increases to customers.
Central banks may be close to hitting pause on further rate hikes as early signs of slowing price growth suggest rates have become restrictive enough for economic activity and inflation control.
A mild downturn is likely already given the current restrictive level of interest rates; however housing market activity looks set for a bottom and there are already signs it has
Global manufacturing PMI surveys point towards contraction in the sector next year while unemployment will rise with job openings pulling back despite excess relative pre-pandemic levels currently seen.
Immigration targets increasing labour supply alongside business investments boosting production capacity could fuel recovery later next year into 2024
Read the Full Report:
https://thoughtleadership.rbc.com/rate-hiking-cycle-ending-as-recession-edges-closer/
Get in touch if you are interested in learning more about pre-construction investment opportunities in Alberta.