The windfall from oil and gas is generating prosperity as other parts of Canada face a slowing real estate market. Read more.
There are now 28 on the wait list. For Veranda Homes Ltd., a small Canadian family-owned business that usually builds 12 to 15 residences a year, this is a lot. Those at the end of the line won’t get their homes built until 2024.
And Calgary, surrounded by fields of oil, natural gas, wheat and barley that make Canada a global exporting powerhouse, is at the epicentre of it all. Its employment rate is one of the highest of any large Canadian city and home sales were up 58 per cent in the first quarter. Job creation in the province of Alberta is expected to top the nation this year .
“Canada could be supplying more energy to the world if we’d gone ahead with a few projects. And that’s one of the things that frustrates people in Alberta quite dramatically,” said Deborah Yedlin, chief executive officer at Calgary Chamber of Commerce. “We should be more of a global player, and we’re not because we don’t have enough infrastructure.”
There’s just no easy substitute for the money-minting power of oil and gas. The energy sector represented 25 per cent of Alberta’s economy last year and about nine per cent of Canadian output.
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