July 2015 Prairie Economic Fundamentals

Ally

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#2
Saskatchewan gains as Alberta royalty review spooks oil producers

Canada’s prairie province of Saskatchewan is picking up a bit of the country’s energy boom from its western neighbour.

Saskatchewan’s output is set to grow over the next four years, while, outside of oil sands, Alberta crude production will drop in that period, according to the Canadian Association of Petroleum Producers.

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Ally

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June 2015 housing starts in Winnipeg

WINNIPEG, MANITOBA--(Marketwired - July 9, 2015) - Housing starts in the Winnipeg Census Metropolitan Area (CMA) were trending at 3,805 units in June compared to 3,827 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of total housing starts.

"The trend in total housing starts in Winnipeg has remained relatively flat since February with builders maintaining a steady pace of construction. Housing demand continues to be supported by positive population and employment growth however production levels are lower than last year as builders manage rising inventories," said Dianne Himbeault, CMHC's Senior Market Analyst for Winnipeg.



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June 2015 housing starts in Regina

REGINA, SASKATCHEWAN--(Marketwired - July 9, 2015) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,666 units in June compared to 1,347 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)(1) of total housing starts.

"The trend in total housing starts moved higher in June after home builders increased production of multi-family units. Despite this increase in pace, total housing starts in Regina are expected to be lower in 2015 than in the previous year as weaker economic conditions and elevated new home inventory slow down new construction over the remaining months," said Goodson Mwale, CMHC's Senior Market Analyst for Saskatchewan.



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Ally

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Saskatchewan's growing economy boast another all-time high employment record

Saskatchewan had the lowest unemployment rate in Canada in June, creating 7,500 jobs in the past year.

That 1.3-per-cent increase in the number of jobs was third highest among the provinces, behind first-place Manitoba and second-place Ontario.

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#6
Regina office market slows, vacancy rates up

Regina's office market is adjusting to life in the slow lane, with new Class A space coming on the market, but few new entrants or expansions to absorb the growing vacant space in Class B buildings, according to Colliers International's secondquarter report.

"The Central Business District in Regina currently sits at 11.12 per cent vacant, while the suburban market has risen to 10 per cent vacant," said the Colliers report.

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#7
Canada's real estate market hot, but not in Winnipeg

Home prices in Winnipeg are trudging along at a slow pace, compared to the rest of the country.

According to a new report by Royal LePage, high sales volumes and soaring housing prices in Canada's largest cities have put the national residential real estate market on track for a record year in terms of total sales.

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#8
Saskatchewan construction jobs decline

REGINA — Even though Saskatchewan had the lowest unemployment rate among the provinces in July for the 22nd consecutive month, there was an uncharacteristic decline in construction jobs and the unemployment rate sharply increased compared to June.

“After years of growth, (the economy) has just stopped increasing. That doesn’t mean we’re in a downturn and it’s certainly not a recession ... because after all those years of growth, just to stay at that level, it’s still pretty impressive,” Doug Elliott, publisher of Sask Trends Monitor, said Friday.

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Ally

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#9
Saskatchewan records 22 months of lowest unemployment rate

This was the lowest rate among the provinces and well below the 6.8 per cent recorded nationally. July marks the 22nd consecutive month the province has had the lowest unemployment rate in the country.

“Today’s numbers show Saskatchewan has maintained the lowest unemployment rate in the country for almost two straight years,” Immigration, Jobs, Skills and Training Minister Jeremy Harrison said. “We know there are gains and losses taking place in the job market, which is something we watch closely. However, consistently having the lowest unemployment rate in Canada means a sustainable and reliable job market that speaks volumes to business and industry when they are looking for jurisdictions to invest in.”

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#10
Funding approved for 26 infrastructure projects in Saskatchewan

Cities and towns across Saskatchewan have received funding for 26 infrastructure projects worth $35.4 million from the province and federal government New Building Canada Plan’s Small Communities Fund.

The 26 projects approved for funding in Saskatchewan so far include: 11 drinking water projects, 12 wastewater projects, one highway project, one disaster mitigation project and one solid waste management project.

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Ally

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#11
July 2015 housing starts in Regina

REGINA, SASKATCHEWAN--(Marketwired - Aug. 11, 2015) - Housing starts in the Regina Census Metropolitan Area (CMA) were trending at 1,787 units in July compared to 1,661 in June, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR)1 of total housing starts.

"The trend in total housing starts moved higher in July and this was driven entirely by an increase in the multi-family starts trend when compared to June," said Lai Sing Louie, CMHC's Regional Economist for the Prairies and Territories Region. "However, in spite of July's trend increase, Regina's total housing starts are still expected to end the year lower than in 2014 as weaker economic conditions and elevated inventories of new homes add downward pressure to new construction over the remaining months of 2015," added Louie.

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