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Wednesday, December 19, 2012
Monday, December 10, 2012
Alberta Unemployment Rate the Lowest in Canada
Alberta unemployment rate the lowest in Canada
Down to 4.2% in November
CALGARY — There were more than 10,000 new jobs created in Alberta in November as the province’s unemployment rate dipped to the lowest in the country, according to Statistics Canada.
The federal agency reported Friday that employment in Alberta was up by 10,100 positions from the previous month, an increase of 0.5 per cent. Year-over-year, employment has risen by 1.8 per cent or 38,900 positions in Alberta.
In November, the province’s unemployment rate fell to 4.2 per cent, down from 4.5 per cent in October.
In the Calgary census metropolitan area, the unemployment rate remained the same as in October at 4.7 per cent but the region created 5,200 new jobs, up 0.7 per cent on a monthly basis. Employment also grew by 3.1 per cent year-over-year to 23,000 new positions.
Edmonton’s unemployment rate of 4.1 per cent and Calgary’s rate of 4.7 per cent were ranked second and third, respectively, among Canadian Census Metropolitan Areas, behind Regina’s 4.0 per cent.
“After a few months of subdued growth, Alberta’s labour market kicked back into high gear in November,” said Todd Hirsch, senior economist with ATB Financial. But virtually all of these jobs were part-time positions, he added.
“Alberta’s job market showed more strength on the service side of the economy in November than on the goods-producing side. Indeed, some of the goods-producing sectors that had been showing the strongest growth this year — construction, oil and gas, and manufacturing — all shed positions in November. The strongest job gains last month were in food and accommodation (7,400), health care and social assistance (6,500), and transportation and warehousing (6,100).”
But he said Alberta’s job market has moderated in 2012. For example, 99,000 jobs were added in the province in the 12 months leading up to November 2011.
“But the slower pace of job creation is actually healthy,” explained Hirsch. “Job markets can be too tight, leading employers to hire workers with inadequate experience or training. With the unemployment rate already at 4.2 per cent, the province is getting a bit too close to labour shortages. And, indeed, in many parts of northeastern Alberta, those shortages are already here.”
Nationally, employment rose by 59,000 in November as the unemployment rate declined 0.2 percentage points to 7.2 per cent.
Compared with 12 months earlier, employment increased 1.7 per cent or 294,000 across Canada.
Doug Porter, deputy chief economist of BMO Capital Markets, said November was “a rock-solid Canadian employment result.”
It was the biggest employment gain since March.
“After a wave of weaker than expected economic releases in Canada, this robust report is a major breath of fresh air for the economy,” said Porter. “While one jobs report doesn’t change the bigger picture, it does show there is still some underlying resiliency in the domestic economy.”
Dina Ignjatovic, economist with TD Economics, said the national unemployment rate is the lowest level since June.
“The (job) increases in November were fairly widespread, though the services-producing sector (65,700) was the bright spot,” she said. “Accommodation and food services (28,300) recorded the largest increase, marking only the third month of job creation in the sector this year. The trade sector (25,300) also recorded outsized gains in November, the fifth increase in seven months.
The federal agency reported Friday that employment in Alberta was up by 10,100 positions from the previous month, an increase of 0.5 per cent. Year-over-year, employment has risen by 1.8 per cent or 38,900 positions in Alberta.
In November, the province’s unemployment rate fell to 4.2 per cent, down from 4.5 per cent in October.
In the Calgary census metropolitan area, the unemployment rate remained the same as in October at 4.7 per cent but the region created 5,200 new jobs, up 0.7 per cent on a monthly basis. Employment also grew by 3.1 per cent year-over-year to 23,000 new positions.
Edmonton’s unemployment rate of 4.1 per cent and Calgary’s rate of 4.7 per cent were ranked second and third, respectively, among Canadian Census Metropolitan Areas, behind Regina’s 4.0 per cent.
“After a few months of subdued growth, Alberta’s labour market kicked back into high gear in November,” said Todd Hirsch, senior economist with ATB Financial. But virtually all of these jobs were part-time positions, he added.
“Alberta’s job market showed more strength on the service side of the economy in November than on the goods-producing side. Indeed, some of the goods-producing sectors that had been showing the strongest growth this year — construction, oil and gas, and manufacturing — all shed positions in November. The strongest job gains last month were in food and accommodation (7,400), health care and social assistance (6,500), and transportation and warehousing (6,100).”
But he said Alberta’s job market has moderated in 2012. For example, 99,000 jobs were added in the province in the 12 months leading up to November 2011.
“But the slower pace of job creation is actually healthy,” explained Hirsch. “Job markets can be too tight, leading employers to hire workers with inadequate experience or training. With the unemployment rate already at 4.2 per cent, the province is getting a bit too close to labour shortages. And, indeed, in many parts of northeastern Alberta, those shortages are already here.”
Nationally, employment rose by 59,000 in November as the unemployment rate declined 0.2 percentage points to 7.2 per cent.
Compared with 12 months earlier, employment increased 1.7 per cent or 294,000 across Canada.
Doug Porter, deputy chief economist of BMO Capital Markets, said November was “a rock-solid Canadian employment result.”
It was the biggest employment gain since March.
“After a wave of weaker than expected economic releases in Canada, this robust report is a major breath of fresh air for the economy,” said Porter. “While one jobs report doesn’t change the bigger picture, it does show there is still some underlying resiliency in the domestic economy.”
Dina Ignjatovic, economist with TD Economics, said the national unemployment rate is the lowest level since June.
“The (job) increases in November were fairly widespread, though the services-producing sector (65,700) was the bright spot,” she said. “Accommodation and food services (28,300) recorded the largest increase, marking only the third month of job creation in the sector this year. The trade sector (25,300) also recorded outsized gains in November, the fifth increase in seven months.
“Professional, scientific and technical services (22,800) also rose for a fourth consecutive month, making up for some of the losses seen during the first half of the year. Declines in manufacturing (20,000) and construction (8,400) led to an overall decline in the goods-producing sector (6,200).”
She said the job market will be facing several headwinds in the future.
“The public sector is dealing with spending constraints which is likely to limit hiring prospects, while the private sector will continue to be faced with a slower growing economy,” she explained. “Add to that, that persistent uncertainty surrounding global economic growth and the ability of policy-makers in the U.S. to address their fiscal challenges, and businesses will not likely be rushing to ramp up their workforce. Once the external environment does improve — likely by mid-2013 — related sectors such, as manufacturing, will likely respond with increased employment. Overall, we expect employment to be fairly steady next year, increasing by an average of about 15,000 jobs per month, with the unemployment rate holding fairly steady.”
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
She said the job market will be facing several headwinds in the future.
“The public sector is dealing with spending constraints which is likely to limit hiring prospects, while the private sector will continue to be faced with a slower growing economy,” she explained. “Add to that, that persistent uncertainty surrounding global economic growth and the ability of policy-makers in the U.S. to address their fiscal challenges, and businesses will not likely be rushing to ramp up their workforce. Once the external environment does improve — likely by mid-2013 — related sectors such, as manufacturing, will likely respond with increased employment. Overall, we expect employment to be fairly steady next year, increasing by an average of about 15,000 jobs per month, with the unemployment rate holding fairly steady.”
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
© Copyright (c) The Calgary Herald
Monday, December 3, 2012
Calgary Luxury Homes Sales Set Another Record in November
Calgary luxury home sales set another record in November
48 MLS sales of more than $1 million
To see a gallery of Calgary's 10 priciest homes, click here
For the second month in a row, Calgary’s resale housing market has set a record for luxury home sales.
In November, there were 48 MLS sales in the city of more than $1 million, the most ever for the month of November, according to the Calgary Real Estate Board.
Last year, there were 34 sales in November in the upper-end market and this year’s total surpassed the previous record of 40 in November set in 2009.
So far this year, there have been a record 505 MLS sales in Calgary for more than $1 million.
The previous high was 458 during the 2007 housing boom.
There were also 51 MLS sales of properties of more than $1 million each in October, which set a record for that month.
The all-time record for luxury home sales in any month was set this year in May when 80 properties sold for more than $1 million.
On Monday, CREB officially released its monthly MLS data for November showing 1,457 total sales in the city, up 8.33 per cent from a year ago. The average sale price also increased by 5.27 per cent to $433,934 and the benchmark price was up 7.28 per cent to $388,800.
New listings dropped by 11.21 per cent to 1,631 while active listings were down 28.23 per cent to 3,831.
“With fewer inventories in the market, consumers are eager to view new listings and if consumers see value they will buy,” said Bob Jablonski, CREB’s president. “However, the market is not demonstrating the same frenzy that we saw during the overheated period.
“Clients are more cautious today and considering all their options. They have reverted back to considering if this is a home they can stay in for many years, because the quick equity gains are less likely.”
CREB said several consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up pace.
According to CREB, single-family MLS sales in the city of 1,006 for November were up 5.45 per cent from a year ago, the average sale price rose by 4.15 per cent to $488,311 and the benchmark price increased by 8.48 per cent to $433,600.
In the condo apartment category, sales rose by 4.98 per cent to 253 transactions. The average sale price was up 21.64 per cent to $310,496 and the benchmark price was up 4.20 per cent to $248,000.
In the condo townhouse sector, sales of 198 were up 32.0 per cent while the average price rose by 3.70 per cent to $315,381 and the benchmark price was up 4.12 per cent to $282,800.
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
For the second month in a row, Calgary’s resale housing market has set a record for luxury home sales.
In November, there were 48 MLS sales in the city of more than $1 million, the most ever for the month of November, according to the Calgary Real Estate Board.
Last year, there were 34 sales in November in the upper-end market and this year’s total surpassed the previous record of 40 in November set in 2009.
So far this year, there have been a record 505 MLS sales in Calgary for more than $1 million.
The previous high was 458 during the 2007 housing boom.
There were also 51 MLS sales of properties of more than $1 million each in October, which set a record for that month.
The all-time record for luxury home sales in any month was set this year in May when 80 properties sold for more than $1 million.
On Monday, CREB officially released its monthly MLS data for November showing 1,457 total sales in the city, up 8.33 per cent from a year ago. The average sale price also increased by 5.27 per cent to $433,934 and the benchmark price was up 7.28 per cent to $388,800.
New listings dropped by 11.21 per cent to 1,631 while active listings were down 28.23 per cent to 3,831.
“With fewer inventories in the market, consumers are eager to view new listings and if consumers see value they will buy,” said Bob Jablonski, CREB’s president. “However, the market is not demonstrating the same frenzy that we saw during the overheated period.
“Clients are more cautious today and considering all their options. They have reverted back to considering if this is a home they can stay in for many years, because the quick equity gains are less likely.”
CREB said several consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up pace.
According to CREB, single-family MLS sales in the city of 1,006 for November were up 5.45 per cent from a year ago, the average sale price rose by 4.15 per cent to $488,311 and the benchmark price increased by 8.48 per cent to $433,600.
In the condo apartment category, sales rose by 4.98 per cent to 253 transactions. The average sale price was up 21.64 per cent to $310,496 and the benchmark price was up 4.20 per cent to $248,000.
In the condo townhouse sector, sales of 198 were up 32.0 per cent while the average price rose by 3.70 per cent to $315,381 and the benchmark price was up 4.12 per cent to $282,800.
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
© Copyright (c) The Calgary Herald
Calgary Resale Housing Market Sales Strong in November
Calgary resale housing market sales strong in November
Sales up nearly 7% over last year
CALGARY — Calgary’s resale housing market continues to defy a national cooling trend.
With one day left in November, data from the Calgary Real Estate Board indicates total MLS sales and average prices during the month in the city are elevated from last year.
From November 1-29, there have been 1,390 total MLS sales, up 6.92 per cent compared with the same period a year ago and the average sale price has risen by 4.90 per cent to $433,590.
“Employment levels have been rising for a couple of years which has helped sustain resale activity in Calgary,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Calgary has seen gains in full-time jobs since the beginning of 2011. Sales in the Calgary (census metropolitan area) are on pace to reach 26,000 units, up 16 per cent from the previous year.
“The average price in Calgary has risen. Part of this is due to more balanced conditions as well as a higher proportion of homes sold in the higher price ranges.”
Every housing category in the city has seen strength in numbers this month.
In single-family homes, there have been 960 sales, up 3.56 per cent from last year, with the average sale price moving up by 3.93 per cent to $488,155.
The condo apartment category has experienced 245 transactions, an increase of 6.52 per cent, while the average price has risen by 22.14 per cent to $309,235.
In the condo townhouse sector, the average sale price has jumped by 3.15 per cent to $315,126 and sales are up 29.37 per cent to 185 transactions.
On Friday, the Conference Board of Canada released its regular monthly resale housing market report of major centres across Canada and it said the average year-over-year price growth for the latest three months in Calgary is between three to 4.9 per cent.
In October, the seasonally-adjusted annual rate of sales in the Calgary census metropolitan area was 27,312, up 22 per cent year-over-year while new listings of 39,864 were down 8.4 per cent.
The average residential sale price of $423,468 was up 5.5 per cent from last year.
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
With one day left in November, data from the Calgary Real Estate Board indicates total MLS sales and average prices during the month in the city are elevated from last year.
From November 1-29, there have been 1,390 total MLS sales, up 6.92 per cent compared with the same period a year ago and the average sale price has risen by 4.90 per cent to $433,590.
“Employment levels have been rising for a couple of years which has helped sustain resale activity in Calgary,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Calgary has seen gains in full-time jobs since the beginning of 2011. Sales in the Calgary (census metropolitan area) are on pace to reach 26,000 units, up 16 per cent from the previous year.
“The average price in Calgary has risen. Part of this is due to more balanced conditions as well as a higher proportion of homes sold in the higher price ranges.”
Every housing category in the city has seen strength in numbers this month.
In single-family homes, there have been 960 sales, up 3.56 per cent from last year, with the average sale price moving up by 3.93 per cent to $488,155.
The condo apartment category has experienced 245 transactions, an increase of 6.52 per cent, while the average price has risen by 22.14 per cent to $309,235.
In the condo townhouse sector, the average sale price has jumped by 3.15 per cent to $315,126 and sales are up 29.37 per cent to 185 transactions.
On Friday, the Conference Board of Canada released its regular monthly resale housing market report of major centres across Canada and it said the average year-over-year price growth for the latest three months in Calgary is between three to 4.9 per cent.
In October, the seasonally-adjusted annual rate of sales in the Calgary census metropolitan area was 27,312, up 22 per cent year-over-year while new listings of 39,864 were down 8.4 per cent.
The average residential sale price of $423,468 was up 5.5 per cent from last year.
mtoneguzzi@calgaryherald.com
Twitter:@MTone123
© Copyright (c) The Calgary Herald
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