Third Quarter Market Report in Edmonton
There is a lot of doom and gloom in the local economy these days as a result of significantly decreased gas and oil prices. As a city that relies heavily on this industry you are right to assume this has an effect on our economy, job growth and real estate prices.
HOWEVER – the third quarter market report for the city of Edmonton was recently released and you will be surprised to know that despite the negative publicity we have been receiving, our economy is holding strong. Some things of note: (all stats can be found on the Realtors Association of Edmonton website).
– Employment from Jan to Aug of this year vs. last year is actually up 1.4% (meaning a net increase of 15000 jobs)
– The unemployment rate was only 5.5% – compared to 5.3% of 1 year ago.
– Average weekly earnings of Edmonton residents 1.4% that of 1 year ago.
– CMCH’s average absorbed house price in Edmonton is actually 3% higher than 1 year ago.
Now, there are many other stats and criteria to take into consideration as there are indicators as well showing areas of decrease. However, to this point I think we should be a lot more optimistic as to how well our city has responded and continues to grow and prosper even in times of economic uncertainty.
