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February 2012 Prairie Economic Fundamentals

Ally

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News articles for February 2012.
 

Ally

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Low interest rates keep Saskatoon housing market affordable






Saskatchewan house prices have risen faster than any other city in the country, but with interest rates remaining low they are still affordable, says BMO senior economist Sal Guatieri.




BMO`s Economics Department released a report Monday, titled Will Canada`s Housing Boom Forge On, Fizzle Out, or Flame Out?, stating the housing boom in Canada is more likely to cool than correct.




Two-thirds of mortgages in Canada are fixed term, and the report says most homeowners with variable rates will be able to lock in when rates begin to climb.






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January hot month for sales





The temperature wasn't the only thing that was above normal in January, as home sales and prices were at or near record highs in the normally quiet month for the real estate market.




There were 249 sales reported during the month in the Regina area, up 14 per cent from 218 sales in January 2011 - the second-highest number of sales for the month and just behind the record of 250 posted in January 2008, the Association of Regina Realtors said Thursday.






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"Jobless Boom" hits Saskatchewan




The shortage of skilled labour in Saskatchewan could be intensifying despite slow employment growth, which isn't keeping pace with robust economic expansion and record capital investment in the province.




`The 2011 statistics are a bit puzzling because most of the economic indicators for the province are strong, but there has been almost no growth in employment,` said a recent report from Sask Trends monitor.




`We seem to be in a jobless boom.`



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West to 'reign supreme': TD



The most recent census figures highlighted what many Canadians have been whispering for years: the west reigns supreme. Between 2006 and 2011 Alberta's population grew at nearly double the pace of the national average and its two main cities -- Calgary and Edmonton -- were the fastest growing cities in the country.





Saskatchewan and Manitoba also fared well, with the population in both provinces growing faster than the national average.





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Saskatoon forecast shows now slowing in development





Development should remain strong in Saskatoon across all commercial real estate sectors in 2012, according to a new real estate forecast by Colliers International.




Tom McClocklin, president of Colliers McClocklin Real Estate Corp., said the vacancy in all asset classes will remain low in 2012, rental rates will be stable or even rise and development will continue in industrial, retail and office sectors.




"For the first time in nearly three decades we are entering a major expansion of the office market," McClocklin told an audience in Saskatoon where he presented Colliers International 2012 Canadian Real Estate Review & Forecast. "Traditionally we haven't been an office city. We've been an industrial and retail city."






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CMHC predicts steady growth for Saskatchewan





A positive economic environment, job creation and a low unemployment rate will fuel housing demand in Saskatchewan for the next two years, leading to steady growth in the market, a housing outlook conference in Saskatoon heard.




"All of the drivers of housing demand are showing growth," Lai Sing Louie, regional economist for the Canada Mortgage and Housing Corp., told a packed room Tuesday at a downtown hotel.




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