Canadian Recession

The newest announcement that approximately 100,000 people in Canada will lose their jobs due to the global economic condition is frightening to say the least. The good news for Saskatchewan? In most recent reviews of economic information showed that Saskatchewan workers enjoyed income increases that exceeded the provincial rate of inflation by 4.4%, but despite this growth, our average earnings are still approximately 5% below the national average which makes the province very attractive to do business. Finance Minister Rod Gantefour states that “Economic momentum shows no sign of slowing in Saskatchewan and our government is working to ensure all Saskatchewan people benefit from our growing economy”. With being hailed as the ‘sold province whose economic growth rate in 2008 will exceed that of last year’ the Saskatchewan economy is a bit of a beacon of hope to worried Canadians looking for an economic haven, and maybe a job. This means that in Saskatchewan real estate, despite the over abundance of listings, there may be many people starting to snap them up as they come here looking for work.

According to a National Post article published in late October, even with commodity prices looking dire, TD’s senior economist Derek Burleton figured Saskatchewan has sufficiently diverse resources-from oil and gas to potash and uranium-that will weather the slumpage better than its more narrowly focused Western neighbours. Our more pressing concern may be the tens of thousands of vacant jobs, just waiting to be filled by a wave of economic refugees from Canada’s increasingly depressed regions.

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Ltd.

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