Calgary cannot escape national economic challenges like high inflation and recession risk, but there appears to be little chance that locals will confront another round of economically stifling COVID-19 public health restrictions.
The city’s real GDP regained its pre-pandemic peak in the first quarter of 2022, setting the stage for a 6.3 per cent GDP expansion in 2022—the strongest annual increase since the oil price collapse in 2014.
Moderating oil prices will shave Calgary’s GDP growth to 3.8 per cent in 2023, still well above Canada’s expected economic growth of 1.2 per cent.
Calgary’s housing market is throttling back, particularly on the resale side. Weakness will eventually seep into the still-strong new home market.
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