While citizens and, indeed, markets across the world react to Trump’s election win, agents in this large market could find some positivity.
One of president-elect Donald Trump’s planned policies could have a positive impact on Canada’s oil industry and, as a result, the real estate markets in which it operates, according to one big bank.
“(A) potential benefit of a Trump victory for Canada is that he has indicated that he would approve the Keystone XL pipeline,” TD Canada Trust said in its Weekly Bottom Line. “Such a decision would enable Canada to export more of its crude oil into the U.S. market, and provide support for future investment in Canada’s oil sector.”
That would mean a welcome shot in the arm for oil-dependent markets that already seem to be seeing some improvement.
Edmonton saw its sales increase 5.5% year-over-year in October, which shows signs of buyer confidence in the province’s future economy, according to the Realtors Association of Edmonton.
““We’re seeing buyers who are confident in the future of the Alberta economy, and we are heading towards a solid finish to 2016,” Steve Sedgwick, chair of the Realtors Association of Edmonton, said. “Residential unit sales across all categories are down 6% year-to-date compared to last year; however, our prices remain stable.”
Calgary, meanwhile, saw its home sales return to more normal levels – with sales jumping 16% year-over-year last month.
“The shift in sales activity this month is likely related to the new mortgage rule changes, inventory gains in the lower price ranges and further price adjustments,” said CREB chief economist Ann-Marie Lurie. “The combination of all these factors may have encouraged some purchases to take advantage of the market conditions, particularly in the lower price ranges. However, with several factors at play, the monthly shift in demand may be temporary and will need to be monitored over the next several months.”