The Sylvan Lake market has recovered nicely this year with sales in the first four months up 7.2% over the same time last year, although April was a little slower. The year to date increase is in direct contrast to what is happening in some other central Alberta markets, including Red Deer, where sales for the same time are down year over year. We would like to believe that the late spring weather is at least partially responsible for a little slower market and the recent sunny weather will bring an improvement.
What does the future hold? As tough as the last two years have been, fortunately, it is looking brighter…. The Alberta Treasury Branch summed up the last two years in Alberta this way – Many Albertans felt it. And the latest numbers confirm it. Alberta’s economy contracted another 3.8 per cent in 2016. This follows a similar decline of 3.7 per cent in 2015. It was the second consecutive year that real gross domestic product (GDP) contracted, the last time this happened was in 1982 and 1983….
The last couple of years have been tough for Albertans and the provincial economy. But it is expected to get better in 2017. ATB is forecasting real GDP growth this year in the two to three per cent range. This represents an end to two consecutive years of recession and welcomes in an era of modest growth.