The official Statistics Canada Census in 2006 indicated that Alberta’s population increased by 315,000 since the previous census five years earlier. Between July 2007 and July 2008, Alberta’s population increased by 2.1 per cent to reach 3.6 million. Alberta accounted for 21.7 per cent of Canada’s population growth between July 1998 and July 2008. Because of the global economic crisis, Alberta’s economy contracted by 0.2 per cent in 2008. However, even with this decline Alberta still leads all provinces in economic growth during the past five years, with an average annual GDP growth of 3.8 per cent per year. Employment increased by a net 53,900 jobs in 2008, international merchandise exports reached a record high of $110 billion and investment a record $87 billion. Private sector forecasts expect Alberta to continue to lead the country in economic growth over the long term.
Canada Housing Prices Increase
Canadian sales of existing homes rose in September
Sales gained 1.5 percent in September from August to 42,958 units, an increase of 17 percent from a year ago, the Canadian Real Estate Association said today in a statement from Ottawa. Sales are 63 percent higher than in January, which was the lowest level in a decade, the group said. Canada’s five-year mortgage rate fell to 5.49 percent in the first week of September from 5.85 percent in August, near the 58-year low of 5.25 percent set in April. The average resale price rose 14 percent from a year ago to a record $331,602 ($320,729) in September. The realtor group said the price gain was due partly to a “sharp rebound in activity at the higher end of the price spectrum.” The higher prices “are expected to prompt sellers to return to the market after having retreated to the sidelines late last year and earlier this year,” CREA Chief Economist Gregory Klump said in the statement.
Provincial Financial Assets
Taxes
With recent tax changes, Alberta has one of the most competitive business tax environments in North America. The combined federal/provincial corporate income tax rate is 29 per cent in 2009. The Government of Alberta reduced its general corporate income tax rate to 10 per cent in 2006. The Government of Canada is also reducing the general corporate income tax rate to 15 per cent by 2012. The new income tax rates combined with the fact that Alberta has no provincial capital taxes, payroll taxes or sales tax, and has a publicly funded health care insurance system makes Alberta’s tax environment very competitive. Moreover, Alberta’s health care premiums were eliminated as of January 1, 2009.
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