Our Jordan Bateman gives you the heads-up on the 2024 housing market, predictions for Alberta, and the importance of LNG to Indigenous communities.
🐌 Canadians should brace for a slooooow housing market this spring, as the interest rate hikes and economic downturn continue to take their toll, says Desjardins Economics. It’s also slowing housing starts – the last thing we need in an affordability crisis. “The economic downturn that we expect to materialize as 2024 approaches should also put downward pressure on sales and prices. We still anticipate that more interest-rate-sensitive economies like Ontario and BC will feel those effects most deeply, contributing to more significant increases in those provinces’ unemployment rates.” That said, Alberta has the best chance to buck the trend.
📈 Desjardins has also made some predictions about Alberta for 2024, and they’re much sunnier than in B.C. They say economic activity from tax cuts, a modest increase in oil prices, and population growth will make sure Alberta stays in surplus. The bottom line: “Alberta’s public finances look likely to avoid the downgrades we’ve seen in some other provinces this fall update season. Moreover, there’s both tremendous opportunity and new risk from the strong population growth observed over the last several quarters.”
🛢Karen Ogen, a former elected Wet’suwet’en chief councillor, writes in BIV that pipeline construction is an important step forward for Indigenous communities. “Coastal GasLink and LNG Canada have provided a platform for others to build on. They have also set the stage for communities like mine – the Wet’suwet’en First Nation, which has gained procurement, jobs and revenue benefits; the Haisla Nation, which is advancing Cedar LNG – the first Indigenous majority-owned LNG project in the world; and the Nisga’a Nation which is advancing the Ksi Lisims project in its territory. Projects that represent Indigenous self-determination are leading to Indigenous communities reclaiming their rightful place in the world, securing their language and culture, and bringing prosperity to their people.” Plus Canadians benefit from a stronger economy – it’s a win-win for everyone.