There is so much information coming at all of us these days about the economy. It’s hard to get our heads around billions of dollars in bailouts and interest rates so low that the cost of borrowing is almost zero! And then there are the unemployment figures; the National rate is now 7.7%, while Edmonton levels are at 4.4%. At the end of the day we are each trying to figure out what it means to us personally… how is the new economy going to affect my family? my plans? my prospects for the future? There is no easy answer, but there is also no better place to ride it out than Alberta.
Personally I am extremely grateful to be living and doing business here, and specifically to be in Edmonton. It’s a city of art, sports and festivals and Larry and I love it all. We’ve seen the Alberta economy go through some significant booms as well as some busts, including the sudden downturn in real estate in 1993. That was my first year in the industry and I am convinced that starting out in that challenging market helped create the successful business I am grateful for today. As the saying goes “A smooth sea never made a skilled mariner.”
Now more than ever it’s important to remind ourselves how fortunate we are to live in this vibrant city and in this incredibly strong province. Michael Percy, Dean of Business at the University of Alberta, recently said this about the Alberta economy: “…the best place in North America to weather an economic storm… At the end of the day, so many fundamentals are positive in the case of Alberta, the best strategy is to treat this as short-term…There’s no better jurisdiction to be located in than Alberta… “ Thank you for that, Dr. Percy! I couldn’t agree more!
Contributed by Kathy Schmidt, Broker Owner of Schmidt Realty Group Inc
