Alberta Housing Starts to Increase in 2012-13

According to Scotia’s Global Forecast report released today, Alberta housing starts are expected to increase this year & next.

Meanwhile housing starts in Saskatchewan, Manitoba, Quebec, Ontario & the Atlantic are expected to decline from 2011’s levels and BC starts will remain flat.

Nationally, starts are expected to total 184,000 and 178,000 units, respectively, in 2012 and 2013.  That’s down from the 194,000 starts recorded in  2011.

Source: Scotia

Alberta’s Economy to Outperform the Rest of Canada

The report also states:

Alberta’s labour market has heated up, with stronger employment growth now forecast for 2012 at more than double the national pace. In several sectors, labour shortages and cost pressures are surfacing.

Exports of oil, wood products and minerals should continue to sustain the region’s outperformance, though Western Canada remains sensitive to global growth prospects.

Read the entire report here

2 responses to “Alberta Housing Starts to Increase in 2012-13

  1. More good news on Alberta’s labor front with StatsCan’s release today.

    TD reports:

    “Alberta squeezed out 1,900 new positions in January, which in M/M percentage terms is small at 0.1%.However, on a Y/Y basis, the province is up 3.9%. While other regions are simply treading water, Alberta seems to be hanging on to its hiring momentum. We expect this trend to continue throughout 2012”

  2. From Scotia’s Feb 3, 2012 Global Views

    “January housing starts are due out on February 8, and this number will obviously be watched carefully by analysts on both sides of the great debate about the state of the Canadian housing market. Scotia expects 190,000 new starts while the market is expecting 191,500. The number of new housing starts (seasonally adjusted) has been fairly consistent for the past six months, ranging between 213,000 and 191,000.

    For all of the talk of an overheated Canadian housing market, however, we would note that the long run average monthly amount of new housing starts since 1980 (spanning multiple housing cycles) is 178,000 while the average monthly amount of new housing starts in the 2000s prior to the crisis was 207,000.

    The average monthly amount of new housing starts since housing activity picked up again in mid-2009 is 190,000 per month.”

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