Alberta is showing signs of an economic slowdown as its property market weakens and consumer confidence wanes. Industry experts attribute the signs to the fall of crude prices across Canada.
Moreover, a report said the province’s status as a “jobs juggernaut may also be dissipating.”
“This is where you start to see some of the data come in over the next couple of months and I wouldn’t be surprised to see more weakness start to accumulate as we get into 2015,” said David Tulk, chief macro strategist at TD Economics in Toronto.
While the number of listings increases by 22%, home sales in Calgary continue to fall. Calgary is considered the country’s oil capital.
Data from Calgary Real Estate Board also showed sales for January are down 34% from 2014.
A separate report by Canada Mortgage & Housing Corp. last week stated new housing construction starts in January dipped 10% in the prairie
provinces, including Alberta.
“Auto sales and home sales and housing starts would be some of the first signs of trouble,” said Doug Porter said.
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