Alberta house starts are booming

RBC's senior vice-president and chief economist stated that "Alberta's growth remains miles ahead of the pace in other provinces and we continue to expect the province will stand at the top of the provincial growth rankings both this year and next".

Housing starts in the Edmonton Census Metropolitan Area were at 13,879 units in August compared to 13,213 in July, and housing starts increased 48% year-over-year in August, according to Canada Mortgage and Housing Corporation (CMHC). "The trend in total housing starts moved higher in August due to an increased pace of multi-family units. Elevated migration and a low vacancy rate have prompted builders to increase production, particularly in the apartment segment" said Christina Butchart, CMHC's senior market analyst for Edmonton.

Alberta's overall growth is being attributed to the continually surging energy sector, where current projects worth close to $63 billion in the oilsands and other oil and gas projects are already under way. In total, crude oil production is up nearly 10%.

The above statistics are creating a scenario where there are large numbers of job vacancies for skilled trades such as carpenters and plumbers in Canada, particularly Alberta. Many of these vacancies will have to be filled by foreign workers due to the shortage of qualified experienced individuals in Canada.