Whether you're considering getting into real estate or you want to change things up with your investments, the economy in Alberta can be a game-changer. From fantastic new industries that are starting to thrive to the classics that continue to grow and change, the world has its eyes on what's happening in Alberta.
These are what to expect from this province's economy in 2022 and whether or not it'll be a smart place to invest.
Won't Be Able to Keep Up With Saskatchewan or Quebec
Quebec and Saskatchewan are expected to see a growth of almost six to seven percent in 2022. This is thanks to new industries joining the area and tremendous growth in the sectors that have always called these provinces home.
Unfortunately, Alberta's economy won't skyrocket quite this quickly, but a large part of this is because its economy was already larger than either of these. As a result, they have a lot of catching up to do, while Alberta merely needs to keep pace.
Expected to Grow Nearly Five Percent
Alberta’s economy is expected to grow by 4.6% in 2022, thanks to the tech and communications industries. These are mostly city-based and will result in areas like Edmonton and Calgary developing.
Tourism-specific sites like Jasper and Banff have seen a decline since the beginning of the pandemic. Still, as it slows down and more people are vaccinated, many expect these areas to become highly-visited again.
The Main Markets to Keep an Eye On
Real estate and technology are the main markets to keep an eye on in 2022. These industries had massive growth in the last couple of years, with housing growing because of the national housing boom and tech growing because of increased need since the beginning of Covid-19. Their growth is expected to continue despite the pandemic slowing down, which will allow people to make larger investments in these areas.
Real Estate Will Continue to Climb in Value
Real estate is something that we've all seen major growth in worldwide. This will continue in Alberta in 2022 as homes will gain value, and many will gain money back from investments in construction and lot purchasing.
Although Calgary homes for sale will be at higher prices than ever, there's still expected to be major buying power. The average buyer is looking for single home residences, and because of this, many apartments and condos in cities are seeing slower growth in value than these single-family homes.
Alberta’s Economy is Expected to Keep Booming Through 2022
If you're nervous about whether or not to continue investing in 2022: keep going. Most of Alberta is expected to keep up the pace and continue spreading and changing with the times.
Although it's now more expensive than ever to get in on real estate in these areas, and some other industries are also getting prohibitively expensive, it's still worth it if you want to see growth. Alberta's always had strong industry growth, and 2022 will not be any different.