The Conference Board of Canada says Edmonton's economy will shrink by 0.2% in 2009 the first decline in 20 years.However, there is nothing to be alarmed about we are coming from some very hot times and the city needed a little cooling break. It's not a slump its a bump. A tiny bump.
"Some correction was required. The housing market was spectacularly hot, coming back down to more normal levels of activity if we want to call it that." "It's certainly not something I'd call a catastrophe, and we're going to look back on it in a few years can call it a pause, after a very strong period." Mario Lefebvre director of municipal studies for the conference board
The city will still see in-migration of close to 10,000 new residents, the economy will grow and the real estate market is going to see healthy normal activity from 2010.
So what do we have now? Time to refinance. Time to purchase properties that make cash flow. If you aren't purchasing then it's time to strengthen your portfolio and keep large reserves of cash.
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