Document Highlights
The West Texas Intermediate (WTI) oil price has declined since peaking in June but remains almost a third above its year-earlier level, boosting spirits in Alberta and its capital.
Although Edmonton faces Canada-wide challenges including high inflation and recession risk, the economic threat posed by potential COVID-19 public health restrictions appears to be receding.
The city’s economy has fully recovered from its COVID-19 downturn. Local GDP surpassed its pre-pandemic peak (reached in the second quarter of 2019) during the second quarter of 2022. This sets the stage for 4.9 per cent GDP expansion in 2022—matching 2021 growth.
Despite ongoing strength in the energy sector, Edmonton’s GDP growth will moderate to 3.3 per cent in 2023. Still, this significantly exceeds our 1.2 per cent call for Canadian GDP gains.
Edmonton’s existing housing market is cooling rapidly. The downshift will ultimately permeate the new home market.
There are no reviews yet.