Thinking of Buying a Home in Alberta but Worried About Recession? This One's for You
Many economists are now predicting a recession for Canada. The Bank of Canada has certainly signalled they are done with rising interest rates to cool inflation. It really does seem that everything is getting more expensive. The concern is that inflation will become entrenched as Canadian business begin to simply expect to pay more for labor and other input costs.
Not looking good for the nation.
However, Alberta is still coming up roses. Here's are the latest economic indicators as they apply to our fair province:
September 2022 national inflation rate: 6.9%
October 2022 Prime lending rate: 5.95%
2023 Alberta Real GDP forecast: +1.4% (Deloitte/Postmedia)
2022 Q2 Alberta Net Migration: 34,883 (Alberta Economic Dashboard)
Sept 2022 Alberta Benchmark Price: $463,000, from $482,900 in May (CREA)
Sept 2022 Alberta YTD price increase: 5% (AREA)
September Alberta Months' Inventory: 2.63 (AREA)