Boosts in employment in Alberta over the last three months could result in increased housing sales across the province.
Canada’s unemployment rate fell 0.2% to the lowest level since December 2008 last month, putting more money into consumers’ pockets. Alberta was one of the lucky provinces that saw an overall rise in employed residents, while Ontario had an unfortunate decline.
The number of full-time jobs increased in Canada by about 25,000 over July, while the number of part-time jobs dropped by over 18 thousand. While this only places our unemployment rate down to 7.2 percent, it is still a welcome change for the 7,100 people who gained employment overall in July.
With an increased number of people employed in full-time jobs, there may well be some small increases reflected in the real estate markets across the country as more people could find themselves in a financial position to purchase a home.
Stats Canada reports employment growth in Alberta of 3.8% in the past year, more than double the rate of the national average. Due to the larger increase in employment in Alberta than any other province, we should see a boost in the economy here as residents enjoy the third monthly increase in a row.
Hopefully, as the year progresses, we’ll see even better employment recovery benefitting the province in all economic areas.
Krista Kehoe, Calgary real estate agent & REALTOR®