Another of the major banks has pointed to the Prairies as the leaders in economic growth over the next year or two.
TD Canada Trust updated its forecast on the performance of various provincial economies with this: it has downgraded their outlook because of inflation and rising interest rates. But Alberta and Saskatchewan saw relatively light markdowns as they rank number one and number two in TD’s projection.
Alberta will see expansion of 5.5 per cent while Saskatchewan sits at 4.9 per cent. Both will slow a bit next year but will remain in first and second spots next year as well in this report.
But here are some other interesting tidbits from the TD outlook.
Saskatchewan’s unemployment rate will be the second-lowest this year and lowest in 2023. The bank sees housing prices declining in most provinces next year. Saskatchewan, Manitoba and Newfoundland are the exceptions. The trends in Ontario, Quebec and BC look like this: big gains – in the 20 per cent range last year – almost no price change this year and then declines of as much as eight to ten per cent in 2023.
