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Market Report

Edmonton Multifamily Market Report

3Q 2022

Widening Job Opportunities and Growth in the Oil
and Gas Service Sector Boosts Economy

Recovering job market shows signs of continued expansion. Edmonton has long been known for its diverse workforce in the service sector for Canada's oil and gas industry. More recently, the metro has focused on broadening the scope of the local economy to be more resilient during challenging periods. As a result, Edmonton is not as influenced by changing oil prices, as a large share of the labour force is responsible for the maintenance and service of existing oil sands projects. It is true that when the price of oil falls, the economy tends to slow, but with Edmonton's oil and gas labour force focused on servicing existing projects, this node has become a consistent and reliable economic driver. With oil priced above $100 per barrel for the last few months, the market is expected to see a strong surge in related employment, trickling into other fields, such as construction and infrastructure. These new jobs will drive in-migration and continue to tighten vacancy in the rental market.

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