Good news on the horizon for hard-hit agents?

by REP11 Apr 2016
One market may soon see buyer sentiment shift, according to recently released stats.

Statistics Canada released its latest labour numbers and the stats bode well for agents in Alberta.

“In March, employment in Alberta rose by 19,000, driven by increases in retail and wholesale trade, and the unemployment rate fell 0.8 percentage points to 7.1%,” StatsCan said. “On a year-over-year basis, employment in the province was little changed, but the unemployment rate was up 1.5 percentage points as more people were looking for work.

“Despite the employment increase in March, the total number of hours worked decreased by 0.7%, continuing on a downward trend that began in early 2015.”

Employment across the country increased by 0.2% in March, with 41,000 jobs added.

It’s good news for the province as a whole, which has struggled as a result of falling oil prices.
In response to the mass layoffs, one Alberta-based mortgage broker started offering layoff insurance.

“We’ve been getting a ton of attention and we’re barely keeping up with the lead traffic,” Gord McCallum, president of First Foundation, told REP sister publication MortgageBrokerNews.ca in late January. “The commissions are quite small … but we think it’s the right thing to do.”

The job losses have had a negative impact on the housing market.

Home sales tumbled by 8% year-over-year to 3,445 in February.

We will wait to see what story March’s housing numbers tell.

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