CALGARY’S ECONOMICS
Similarly, Toronto’s GDP is expected to grow by 5.0%, Vancouver’s by 5.4%, and Edmonton’s by 5.5%, according to an Oxford Economics report.
As new businesses have opened and immigration has increased, the economy has improved dramatically in recent years. The following are some reasons why Calgary is on its way to becoming one of Canada’s top cities for economic growth:
GAS AND OIL SECTOR
Alberta’s oil and gas industry recovered and exceeded previous production levels – the first half of 2022 saw total oil production hit a record 3.6 million barrels per day. Even though this hasn’t translated into as many jobs as in previous years, Alberta still has the world’s fourth-largest oil reserves. There are many opportunities for the sector in Alberta as a result of the uncertainty surrounding the Russia-Ukraine war and the steady global demand for oil.
A total of 432 local and foreign oil and gas companies and branches are located in Calgary, offering professional field and office jobs that pay well. Canadian Natural Resources Limited, Suncor Energy Inc, and Cenovus Energy Inc rank top three.
THE FASTEST-GROWING TECHNOLOGIES
Telus, CGI Group, Nortel Networks, and Enbridge are a few of the large technology companies headquartered in Calgary. Over the last two years alone, about $3 billion has been invested in the city by these companies from the United States and Europe. As a result of this influx of investment, local economic growth has been boosted and more jobs have been created for residents, attracting many well-paid IT professionals to relocate to Calgary.
TAXES ARE LOW
The natural resources sector plays a major role in Alberta’s economy. Over $87 billion in revenues are generated by Alberta’s oil and gas industry, according to the government. Albertans have been able to lower their income tax rates in comparison to other provinces, making living in Calgary more affordable. Alberta does not have a provincial sales tax, but only 5% GST, so it is important to keep this in mind when considering a move there.
CALGARY QUALITY OF LIFE
According to the Economist Intelligence Unit (EIU), chrisstrong.ca is the third most livable city in the world. It also consistently ranks high in other surveys evaluating different criteria.
Because of its location close to the Rocky Mountains, the city has a strong tourism sector and natural beauty. Alberta offers world-class healthcare, excellent education, high-quality arts and entertainment, recreation, and several renowned museums. The quality of life is influenced by a number of factors.
OPTIONS FOR HOUSING
Calgary’s metropolitan area has more than 1.6 million residents and offers single-family and detached homes as well as condos and apartments for rent.
Due to high demand, price increases at the beginning of the year, and interest rate hikes in the second half of the year, the housing market has seen pressure and volatility in 2022.
Those who consider moving to Calgary or relocating to the province and are unfamiliar with the area and its different parts will have fewer options. In addition to evaluating the options, choosing the best area, and searching for properties that are not always listed on websites, a real estate agent specialising in relocation properties can assist people moving from another province.
FACILITIES OF EXCELLENCE
Calgary is home to several world-class health facilities, including the Cross Cancer Institute, one of Canada’s top cancer centres. In addition to Rockyview General Hospital, South Health Campus, and Peter Lougheed Centre, the Calgary health region is home to other award-winning hospitals.
