October 2011 Prairie Economic Fundamentals
- Thread starter Ally
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On an even keel, Manitoba's miracle takes shape
The last time the world was racked by financial upheaval, Manitoba was a relative haven of stability.
Through the worst of the 2008-09 meltdown, the provincial economy was as flat as its prairie landscape ` which is a very good showing in calamitous times. Its once meteoric neighbours, resource-dominated Alberta and Saskatchewan, fell off a cliff.
Read the full article here.
The last time the world was racked by financial upheaval, Manitoba was a relative haven of stability.
Through the worst of the 2008-09 meltdown, the provincial economy was as flat as its prairie landscape ` which is a very good showing in calamitous times. Its once meteoric neighbours, resource-dominated Alberta and Saskatchewan, fell off a cliff.
Read the full article here.
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Regina house prices post strong year-over-year gains
REGINA, Oct. 5, 2011 /CNW/ - Continuing healthy buyer demand across all housing types has resulted in another strong quarter of home sales in Regina, according to the Royal LePage House Price Survey released today.
Across Regina in the third quarter, standard two-storey homes showed the greatest price increase, averaging $300,000, up 9.5 per cent from the same period last year. Detached bungalows saw price increases of 8 per cent, with an average third quarter selling price of $316,500. Standard condominiums rose 7.3 per cent, for a third quarter average of $198,000. A growing inventory of condominiums - matching healthy demand - is filling Regina's housing needs in several ways.
"Every year we have more new condos available," said Mike Duggleby, broker and owner of Royal LePage Regina Realty. "Prices in that category reflect the fact that a good selection of new homes has tempered the price climb of resale condos."
Read the full article here.
REGINA, Oct. 5, 2011 /CNW/ - Continuing healthy buyer demand across all housing types has resulted in another strong quarter of home sales in Regina, according to the Royal LePage House Price Survey released today.
Across Regina in the third quarter, standard two-storey homes showed the greatest price increase, averaging $300,000, up 9.5 per cent from the same period last year. Detached bungalows saw price increases of 8 per cent, with an average third quarter selling price of $316,500. Standard condominiums rose 7.3 per cent, for a third quarter average of $198,000. A growing inventory of condominiums - matching healthy demand - is filling Regina's housing needs in several ways.
"Every year we have more new condos available," said Mike Duggleby, broker and owner of Royal LePage Regina Realty. "Prices in that category reflect the fact that a good selection of new homes has tempered the price climb of resale condos."
Read the full article here.
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Saskatoon has quieter residential market in September
Activity was down slightly for Saskatoon REALTORSÂ in the month of September with 365 residential properties changing hands compared with August which saw 415 sales. The trend of sales increasing over last year continues however as we saw a 21 per cent increase over September 2010 when 301 properties sold. Total residential sales Year to Date is currently at 3,183, that number up 13 per cent from 2010 when the total stood at 2,823 for the end of September. The $300,000 to $350,000 price range continues to be the most active with 82 sales. The average number of days to sell in the month of September was 40 days.
The average residential selling price in September took a slight dip to $311,057.00 reflecting a 1 per cent decrease from September 2010 when the average selling price was $312,914.00. At the end of September the year to date average selling price was $307,415.00 up 4 per cent from year to date numbers in September 2010 when the year to date average was $294,741.00.
Read the full article here.
Activity was down slightly for Saskatoon REALTORSÂ in the month of September with 365 residential properties changing hands compared with August which saw 415 sales. The trend of sales increasing over last year continues however as we saw a 21 per cent increase over September 2010 when 301 properties sold. Total residential sales Year to Date is currently at 3,183, that number up 13 per cent from 2010 when the total stood at 2,823 for the end of September. The $300,000 to $350,000 price range continues to be the most active with 82 sales. The average number of days to sell in the month of September was 40 days.
The average residential selling price in September took a slight dip to $311,057.00 reflecting a 1 per cent decrease from September 2010 when the average selling price was $312,914.00. At the end of September the year to date average selling price was $307,415.00 up 4 per cent from year to date numbers in September 2010 when the year to date average was $294,741.00.
Read the full article here.
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Saskatchewan to lead Canada's growth: Report
Saskatchewan will be the fastest-growing Canadian province this year thanks to its potash and agricultural products, expanding at almost twice the national rate, according to a report by RBC.
The Prairie province's economy will expand by 4.3% in 2011 and 4.1% next year, according to the bank. Canada's economy as a whole will grow 2.4% this year. That's a 0.8 percentage point reduction from the bank's June forecast.
"2011 is shaping up to be a golden age for Saskatchewan's economy as it rides the tidal wave created by strong global demand for its various natural resources," said Craig Wright, RBC chief economist and senior vice-president. "We expect to see a positive ripple effect on incomes and capital spending in the province."
Read the full article here.
Saskatchewan will be the fastest-growing Canadian province this year thanks to its potash and agricultural products, expanding at almost twice the national rate, according to a report by RBC.
The Prairie province's economy will expand by 4.3% in 2011 and 4.1% next year, according to the bank. Canada's economy as a whole will grow 2.4% this year. That's a 0.8 percentage point reduction from the bank's June forecast.
"2011 is shaping up to be a golden age for Saskatchewan's economy as it rides the tidal wave created by strong global demand for its various natural resources," said Craig Wright, RBC chief economist and senior vice-president. "We expect to see a positive ripple effect on incomes and capital spending in the province."
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Winnipeg new housing all in a row
After decades of getting the cold shoulder from local homebuilders and homebuyers, the demand for row-style housing is heating up in Winnipeg.
Nearly twice as many row units were started in Winnipeg in the first nine months of this year than in same period last year -- 227 versus 121, Canada Mortgage and Housing Corp. figures issued Tuesday show.
This year's total is nearly seven times greater than it was during much of the 1990s, when Winnipeg averaged only 33 new row units a year. It's more than triple what it was in the last decade, when the average was 66 units. Anything with three or more units attached together is defined as row housing.
Read the full article here.
After decades of getting the cold shoulder from local homebuilders and homebuyers, the demand for row-style housing is heating up in Winnipeg.
Nearly twice as many row units were started in Winnipeg in the first nine months of this year than in same period last year -- 227 versus 121, Canada Mortgage and Housing Corp. figures issued Tuesday show.
This year's total is nearly seven times greater than it was during much of the 1990s, when Winnipeg averaged only 33 new row units a year. It's more than triple what it was in the last decade, when the average was 66 units. Anything with three or more units attached together is defined as row housing.
Read the full article here.
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Manitoba to regain momentum in the first half of 2012 following late 2011 pause
Following a relatively strong start, there is evidence that the Manitoba economy has lost momentum midway through 2011.
This observation is based on the fact that over the past twelve months employment growth in the province has slowed from 1.5% y/y to just 0.1% y/y in August, its slowest rate of increase since December of 2009.
This marked slowdown in total job growth appears to have been primarily caused by declines in public sector employment (-3,100) as well as in self employment (-2,500).
Read the full article here.
Following a relatively strong start, there is evidence that the Manitoba economy has lost momentum midway through 2011.
This observation is based on the fact that over the past twelve months employment growth in the province has slowed from 1.5% y/y to just 0.1% y/y in August, its slowest rate of increase since December of 2009.
This marked slowdown in total job growth appears to have been primarily caused by declines in public sector employment (-3,100) as well as in self employment (-2,500).
Read the full article here.
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Saskatoon to be new Maple Leaf hub
Maple Leaf Foods announced on Wednesday that it will cut 1,550 jobs in 2013, and close processing plants across four provinces in order to improve efficiency.
1,550 is the net of jobs terminated; they will also be creating 1,150 new jobs, and some of them are going to be in Saskatoon, where the Maple Leaf processing plant will become the new hub of Western Canadian manufacturing.
Plant manager James Maitland said they would be receiving $45 million of the total $560 million slated for Canadian expansion.
Read the full article here.
Maple Leaf Foods announced on Wednesday that it will cut 1,550 jobs in 2013, and close processing plants across four provinces in order to improve efficiency.
1,550 is the net of jobs terminated; they will also be creating 1,150 new jobs, and some of them are going to be in Saskatoon, where the Maple Leaf processing plant will become the new hub of Western Canadian manufacturing.
Plant manager James Maitland said they would be receiving $45 million of the total $560 million slated for Canadian expansion.
Read the full article here.
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September a record month for home sales in Brandon, MB
Home sales reported through the MLSÂ System of the Brandon Real Estate Board totalled 147 units in September 2011, marking the highest level on record for sales in the month of September. It was a 36 per cent jump from the same month last year, and stood 26 per cent above the previous September record set back in 2008.
The average price of homes sold in September 2011 was $179,619, up six per cent from September 2010.
The dollar value of all home sales in September amounted to $26.4 million, rising 44 per cent from levels recorded one year earlier. The total value of all properties sold in September 2011 was $28.5 million, up 47 per cent from September 2010.
Read the full article here.
Home sales reported through the MLSÂ System of the Brandon Real Estate Board totalled 147 units in September 2011, marking the highest level on record for sales in the month of September. It was a 36 per cent jump from the same month last year, and stood 26 per cent above the previous September record set back in 2008.
The average price of homes sold in September 2011 was $179,619, up six per cent from September 2010.
The dollar value of all home sales in September amounted to $26.4 million, rising 44 per cent from levels recorded one year earlier. The total value of all properties sold in September 2011 was $28.5 million, up 47 per cent from September 2010.
Read the full article here.
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Saskatchewan realtors pitch housing solution
The Association of Saskatchewan Realtors is encouraging the province`s next government to implement tax incentives aimed at increasing investment in rental property.
Yorkton realtor and Association of Saskatchewan Realtors director Len Wassill has been speaking on the organization`s behalf.
`We feel very strongly that tax incentives and an increase in the supply of residential property will allow the market to right itself with respect to rental values, among other things,` he told Yorkton This Week.
The group is cautioning against rent control as a solution to the rental shortage.
Read the full article here.
The Association of Saskatchewan Realtors is encouraging the province`s next government to implement tax incentives aimed at increasing investment in rental property.
Yorkton realtor and Association of Saskatchewan Realtors director Len Wassill has been speaking on the organization`s behalf.
`We feel very strongly that tax incentives and an increase in the supply of residential property will allow the market to right itself with respect to rental values, among other things,` he told Yorkton This Week.
The group is cautioning against rent control as a solution to the rental shortage.
Read the full article here.
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Saskatchewan wages third highest in Canada
Average weekly wages in Saskatchewan in August increased 3.5 per cent to $878.07 - third highest among the provinces and slightly above the national average, Statistics Canada said Thursday. Meanwhile, the province's employed workforce grew by 2.5 per cent - well above the national average increase of 1.6 cent - to 452,400 (seasonally adjusted) in August.
The increase of 1,900 jobs from July to August in Saskatchewan represents roughly 40 per cent of the entire job gains nationally in the month of August. There were 4,800 additional people on non-farming payrolls in August, the federal agency said.
Read the full article here.
Average weekly wages in Saskatchewan in August increased 3.5 per cent to $878.07 - third highest among the provinces and slightly above the national average, Statistics Canada said Thursday. Meanwhile, the province's employed workforce grew by 2.5 per cent - well above the national average increase of 1.6 cent - to 452,400 (seasonally adjusted) in August.
The increase of 1,900 jobs from July to August in Saskatchewan represents roughly 40 per cent of the entire job gains nationally in the month of August. There were 4,800 additional people on non-farming payrolls in August, the federal agency said.
Read the full article here.
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Regina economy may lead in 2012
The Conference Board of Canada's latest outlook report shows Saskatchewan leading the way in 2012's Canadian economy, with a GDP expected to grow by four per cent this year and 3.4 per cent next year.
Larry Hiles with the Regina Regional Opportunities Commission said that construction and manufacturing are leading the way.
"Across the board growth rates in 2011 are slightly less than they were in 2010," said Hiles.
Read the full article here.
The Conference Board of Canada's latest outlook report shows Saskatchewan leading the way in 2012's Canadian economy, with a GDP expected to grow by four per cent this year and 3.4 per cent next year.
Larry Hiles with the Regina Regional Opportunities Commission said that construction and manufacturing are leading the way.
"Across the board growth rates in 2011 are slightly less than they were in 2010," said Hiles.
Read the full article here.