According to the latest updates from the Canada Mortgage and Housing Corporation, home prices in Calgary should rise over the course of the next 2 years. Although the increase will be lower than what was earlier predicted, we can still expect to see a rise between now and 2016.
The average price for a home in Calgary will go up from $460,584 (last year’s average) to $479,000 in 2016. In 2015, it's predicted that average home prices will reach $469,000. These growth predictions will be pretty much in line with the expected inflation rate and it's expected that the market conditions in the city will rebalance over the next two years.
In terms of employment growth, Alberta reported the highest numbers in the country for January. Last month, provincial employment went up by 14,000 while at the same time the unemployment rate in Alberta dropped from 4.7% in December 2014 to 4.5% in January.
The yearly employment growth in this province accounted for 52.4% of the growth in the country. Part-time employment went up by 15,300 jobs during the year while full-time employment went up by 51,600 jobs.
In Calgary and the surrounding area, the unemployment rate dipped from 4.8% in December to 4.7% in January. There were 5,900 jobs added to the market in January and on a year-over-year basis employment increased by 2.9% with 22,900 more job positions added. While there were job losses in the gas and oil sector and technical and scientific categories, the largest employment gains were seen in the transportation and warehousing, manufacturing, public administration and health care sectors.