For many Calgarians, 2016 was a year marked with uncertainty. At INK, we get a lot of questions regarding Calgary’s economic outlook and what it means for real estate purchases.
We are not economists and can’t predict the future, but we do stay informed with current news and trends. We want to share that news with you, and have compiled some recent articles from local media outlets and industry experts.
The worst of the oil price downturn is over, says ATB – CBC News
Two years after the oil price collapse sent Alberta’s economy into a tailspin, ATB Financial suggests the downturn is over and the province’s fortunes will rise in 2017.
Calgary home sales rise for second consecutive month – Calgary Herald
Sales increased from year-ago levels for the second straight month, with more than 1,600 housing units sold in October, a nearly 16 per cent spike from 2015 levels.
Ann-Marie Lurie, chief economist with the Calgary Real Estate Board, said “Not just did it increase, but it rose to levels that were really consistent with what we’ve seen in normal conditions.”
Economic Outlook 2017: Recovery on the horizon & optimism returns for businesses – Calgary Economic Development
After two years of recession, economists are suggesting that Calgary has seen the worst of a painful economic downturn and predict a return to growth in Alberta in 2017.
Both Todd Hirsch, Chief Economist with ATB Financial, and Glen Hodgson, Senior Fellow with The Conference Board of Canada, forecast during Economic Outlook 2017 that gross domestic product (GDP) in Alberta will expand next year by between 2.0 and 2.5 per cent.
Mid-sized oil and gas producers expanding spending plans for 2017 – Calgary Herald
Several mid-sized oil and gas producers operating in a range of plays have spiked their capital spending plans for next year by as much as 70 per cent.
The beefed-up budgets signal the widely held view that 2016 marked the bottom of the oil rout, though companies remain prepared for fluctuating prices, said Jeremy McCrea, analyst with Raymond James.
Is the worst over? Alberta’s GDP to grow in 2017, but full recovery will take time – The Owl
The situation in the petroleum sector has marginally improved. Prices have climbed to around $US 50 for a barrel of West Texas Intermediate (WTI) and the balance of global supply and demand suggests the worst of the global price fall may be behind us.
Yedlin: Energy stocks take spotlight on more upbeat outlook – Calgary Herald
Energy stocks shone Monday, fuelling a U.S. market rally that’s almost two weeks old.
The reasons for the energy rush are varied, including continued optimism the Organization of Petroleum Exporting Countries will reach an agreement on production cuts next week and a surprise move by Goldman Sachs to up its price forecast for oil.
Everyone has their own judgements and predictions for what the future may hold. We continue to stay optimistic about Calgary’s future, and we hope you do too.
Visit us at the INK Sales Centre in East Village at Unit 108, 538 Avenue SE or call us at 403.452.9268 to find out more.
Erin @ Battistella
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