It has just been reported by the Petroleum Human resources Council of Canada that, if oil and natural gas prices remain strong, Alberta may experience another boom cycle similar to 2007. With the aging population resulting in inevitable retirements and the increased demand for skilled workers, there could be a severe labor shortage on the horizon. Predictions are that 130,000 new workers will be needed.
After the massive layoffs and cut-backs following the serious downturn in the oil industry three years ago, there is optimism that the oil industry may be ramping up for some more frenetic activity.
What does this mean for the Edmonton Real Estate market? The inventory may get reduced significantly from its recent highs as new workers move in and buy homes. Such a trend will probably force prices upwards as buyers compete for a limited number of available homes. A market again favoring the seller may not be too far off!
Tags: Real Estate
April 7th, 2011 at 10:52 pm
Gee, I sure hope Council is wrong.
April 13th, 2011 at 11:49 am
The dynamics of our California Bay Area real estate market may be slightly dissimilar to your Edmonton market, but I agree with you that, once we move out from under this glut of REO properties and into some secure emplotment figures, there WILL be another real estate boom!
We are already seeing rents go up, market itmes trending downward, and new buyers timidly coming in to snap up some great home prices.
Good luck to you!