What is needed to drive growth in Calgary and Alberta?

Jobs and Migration

Confidence in employment prospects and family income will determine the pace of the housing market.   As such, a more robust improvement in Calgary’s housing market will require new permanent jobs.

Oil and Gas

Oil and gas have contributed to some improvement in employment in
Alberta this year, but these jobs have been focused in the northern regions of the province. Consequently, net interprovincial migration from June 2009 to June 2010 showed 2,183 people left the province. Jobs and more affordable housing attracted migrants to BC (9,367),
Saskatchewan (3,909), Newfoundland (1,309), and New Brunswick (722).

Projection for Employment Growth

Overall, Alberta’s employment growth will fare better in 2011 than in the year past, but will only grow by about 1.3 per cent.  Like 2010, job growth is expected to be in oilsands.

source: StatCan

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http://www.creb.com/public/documents/Electronic%20Media%20Package/CREB_ForecastReport_2011.pdf