The graph below shows the monthly percentage change in employment compared to a year earlier, with a 12-month moving average.
Back in 2012 and 2013, Saskatchewan was the job creation juggernaut. On average, annual job growth in that province topped three per cent—stronger than both Alberta, which was booming at the time, and British Columbia, which was seeing no job growth at all. But the oil price collapse was punishing to Saskatchewan’s labour market. And even though oil prices have modestly rebounded, recovery in Saskatchewan’s labour market has been elusive. There are still fewer jobs in Saskatchewan than there were a year ago.
Alberta’s job market followed Saskatchewan’s when oil prices started to tumble. During the depths of the recession, annual job losses approached 1.5 per cent. Yet unlike Saskatchewan, jobs have been returning to Alberta. Since hitting bottom in July of last year, annual job growth has risen back above zero and is now approaching one per cent.
Today, while Alberta is outpacing Saskatchewan in job creation, both have been left in the dust by British Columbia. After a slow start in a sluggish economy in 2013 and 2014, employment started to surge. Annual job growth reached three per cent early last year and it continues to climb.
With strong fundamentals in all three of the Western provinces, alongside annual job growth and continued housing appreciation foreseen, demand for rent-to-own transactions continues to increase. Although more jobs continue to be created, increases in pay for employees remains stagnant, meaning that prospective homebuyers are often left at a disadvantage if they wait longer and longer to purchase their home. Canada’s leader in rent-to-own transactions, Homeowners Now, continues to support deserving families and individuals in their dream for homeownership. With increases in job growth, more Canadians are becoming deserving of homeownership and are turning to companies like Homeowners Now to help bridge their purchase while they take the necessary time to save additional down payment funds or clean up any necessary credit items. With higher employment in the Western provinces, more Canadians are attempting to become homeowners and are finding it difficult to do so with the ever-changing mortgage landscape, further making rent-to-own options like the Homeowners Now Program
more viable every day.
If you or someone you know is deserving of homeownership and rent-to-own is the right option, feel free to reach out to Homeowners Now by visiting www.Homeowners-Now.com
or by calling 1-800-992-2450.
To your success!
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There’s nothing like good old-fashioned sibling rivalry—especially among Canada’s children of Confederation, the provinces. When it comes to the labour market and creation of new jobs, the three western provinces have all held the lead at various points. But at the moment, one of the three is in a class by itself.