AB Economic Fundamentals 2008-08

[joeiannuzzi]

Eight-storey building proposed

Red Deer`s vertical growth appears poised to continue, with the city`s municipal planning commission scheduled to hear an application today for development of an eight-storey commercial building that could expand by four floors in the future.

A group of local business people and Red Deer`s six orthopedic surgeons are working together on the project, said Sherry White, one of the investors and a project manager.

http://www.albertalocalnews.com/reddeeradv...g_proposed.html

 

[EdRenkema]

QUOTE (joeiannuzzi @ Aug 24 2008, 12:11 PM) That makes sense. I am going to start systematizing this further for the end user but it will take some time to create this process. In the meantime, everyone`s patience is greatly appreciated!!

Thanks again.

Joe,
I certainly appreciate your updates yet I see Thomas` point. As I explained to you Saturday it becomes very time consuming to bring up each post and/or download each article, could also be my sytem needs to be finetuned and I will look into it. If do this late at night I often fall asleep......

 

[joeiannuzzi]

I will speak to Don and/or Ethan about it hopefully this week. Stay tuned.

 

[joeiannuzzi]

Strathcona county`s new city of 200,000 approved

The city has lost its year-long fight against a development plan for Strathcona County that includes proposals for a new urban centre that could eventually be home to 200,000 people.

In a recent decision, the province`s Municipal Government Board rejected Edmonton`s arguments that the plan would harm the city because it doesn`t provide enough detail about density, how land will be used, and the phasing of development.

"The city provided the (board) with a great deal of argument regarding the requirements of good planning practice in a regional context, yet little in the way of evidence to establish that the appealed (plan) causes detriment to Edmonton," says the Aug. 19 ruling.

http://www.canada.com/edmontonjournal/news...68-df5a9ebb21ec

 

[joeiannuzzi]

Huge windfall predicted, despite falling energy prices

Cooling commodity prices will cut Alberta government revenue projections when the province releases its fiscal update today.

But analysts believe a record surplus is within reach.

A report in June from CIBC World Markets predicted the provincial surplus could total nearly $12 billion -- far above the province`s record annual windfall of $8.6 billion in 2005-06 -- but a tanking natural gas market and a fall in crude oil prices may shrink the projected haul.

http://www.canada.com/edmontonjournal/news...75-7a876797015e

 

[joeiannuzzi]

Bohemian hub rising in heart of Inglewood

Inglewood`s trendy Atlantic Avenue has become a magnet for retail, office and residential growth as developers see the mounting benefits of this community close to the downtown core.

From one end of Atlantic Avenue (9th Avenue S.E.) to the other, buildings are either rising from the ground or being proposed for the area.

"The neighbourhood is changing and developers believe the area has great redevelopment potential," said Cayley Puzanoski, office leasing assistant for Avison Young Commercial Real Estate, which is leasing a building under construction at 9th Avenue and 12th Street S.E.

http://www.canada.com/calgaryherald/news/c...9e-3cd177789441

 

[joeiannuzzi]

Medical-commercial building approved for north of hospital

Red Deer`s municipal planning commission approved on Monday the site plan for an eight-storey medical-commercial building proposed for north of the Red Deer Regional Hospital Centre.

The application, which was made by Timcon Construction (1988) Ltd., described a 112,000-square-foot structure to be built at 5156 43rd St. — the former site of Central Alberta Florists.

http://www.albertalocalnews.com/reddeeradv...hospital_1.html

 

[joeiannuzzi]

Will that be cash or bitumen? Alberta retools royalty system

CALGARY — Alberta`s government is getting into a new business: upgrading bitumen. The government is pressing ahead with a plan to take some oil sands royalties in bitumen instead of cash, as it seeks to ensure as much heavy crude processing takes place in the province as possible.

In a statement on the Alberta Energy website, the government is calling for expressions of interest from companies interested in processing bitumen. Submissions could include applications to upgrade or refine the bitumen within the province or to produce petrochemicals.

"As the resource owner, the Government of Alberta ... is entitled to take its royalty share of bitumen production in-kind in lieu of cash," the statement says.

http://www.theglobeandmail.com/servlet/sto...BNStory/energy/

 

[joeiannuzzi]

Henday noise driving some to tears

Some west-end residents want motorists on Anthony Henday Drive to give them a brake.

The city is looking into whether the speed limit on the western portion of the thoroughfare can be lowered from 90 kmh to 70 kmh. It comes after residents complained about noise coming off the busy roadway - which one irate Edmontonian compared to the sound of jets taking off. "The speed reduction should be done as soon as possible," John Cantin, a resident of the Wedgewood neighbourhood, told a committee of council.

http://www.edmontonsun.com/News/Edmonton/2...583546-sun.html

 

[joeiannuzzi]

Province matches record surplus

EDMONTON - Alberta is on track for a near-record surplus of $8.5 billion this fiscal year, but the province`s savings plan appears to be in flux, with $2.5 billion still in limbo.

Finance Minister Iris Evans said Tuesday soaring energy prices, which are expected to add about $19 billion to Alberta coffers this year, are largely responsible for the windfall.

About half the projected surplus has been locked into a program to slash greenhouse gas emissions through carbon capture and public transit projects. Another $1 billion will go to infrastructure projects and $3.1 billion is slotted for savings.

http://www.canada.com/edmontonjournal/news...19-34354819444a

 

[joeiannuzzi]

Real-estate slump widens

EDMONTON - While a correction in housing has grabbed the spotlight, Edmonton`s commercial real estate investment is slowing to traditional levels, says a mid-2008 report released Tuesday by CB Richard Ellis.

Investment in Edmonton commercial real estate such as office, industrial, retail and multi-family residential fell to $634 million for the first half of 2008, compared to $870 million in the same period last year -- about a 27-per-cent drop, said the commercial-real-estate company.

http://www.canada.com/edmontonjournal/news...bd-763abecb3b8d

 

[joeiannuzzi]

Builders call for changes to Alberta`s fire code

Builders say changes to the provincial building code designed to improve fire safety will cost new homebuyers thousands of dollars and create as many problems as they solve.

The Alberta chapter of the Canadian Home Builders Association sent copies of its critique to its 1,500 members Tuesday, hoping to rally enough support to force the province to revamp the code again, before it`s implemented early next year.

http://www.canada.com/calgaryherald/news/c...8d-224ec9f1c31d

 

[joeiannuzzi]

Calgary real estate spending slumps

Investment in Canadian commercial real estate declined sharply in the first half of 2008 and investment for the year as a whole is expected to be considerably lower than last year`s record level, says a mid-2008 report by CB Richard Ellis Ltd.

But Calgary is expected to experience a much softer decline this year than the national average.

The report says that in the first six months of this year, investment in the Canadian commercial real estate market totalled $10 billion, 24 per cent lower than the $13.1 billion invested in the first half of last year.

http://www.canada.com/calgaryherald/news/c...05-e8a0244afd93

 

[joeiannuzzi]

Alberta forecast looks to futures

The Alberta government is moving to a market-based approach to valuing its oil and natural gas after the province dramatically hiked its commodity price forecasts for the year, energy observers said Tuesday.

The Alberta government now expects to reap $18.8 billion in resource revenues during the fiscal year that ends March 31, based on a forecast oil price of $119.25 US a barrel and $8.50 per gigajoule for gas.

http://www.canada.com/calgaryherald/news/c...18-5fdaf828ed3d

 

[joeiannuzzi]

Construction industry looks to build its ranks in the West

Tens of billions of dollars in major infrastructure spending and commercial development in Western Canada are fuelling a sustained shortage of skilled trades people in construction, just as energy projects in the East ramp up and compete for a dwindling pool of workers.

A slowdown in the residential construction sector hasn`t eased the need for trades workers as any surplus of labour is quickly being eaten up by the booming institutional and commercial sectors in British Columbia, Alberta and Saskatchewan, says Larry Rosia, dean of construction at SAIT Polytechnic in Calgary.

http://www.nationalpost.com/todays_paper/s....html?id=750986

 

[joeiannuzzi]

No ground floor suites downtown: council

Downtown Red Deer will see shops on ground floors instead of suites.

City council passed a land-use bylaw amendment on Monday that will ban any plans for ground floor suites from 47th Avenue to the east, 51st Avenue to the west, 52nd Street to the north and 46th Street to the south.

Councillor Tara Veer said later she supports the move because it will be good for downtown business.

"Ensuring our streets are pedestrian friendly will make our downtown more vibrant," Veer said.

http://www.albertalocalnews.com/reddeeradv...wn_council.html

 

[joeiannuzzi]

U of A, MacEwan to receive more spaces

When the University of Alberta opens its classroom doors this September, there will be an extra 496 seats waiting.

The provincial government has committed $73 million towards addressing the space crunch in post-secondary schools.

Most of the money -- $56.5 million -- will go towards creating 2,447 new spaces at Alberta`s universities, colleges, and technical institutions.

http://www.canada.com/edmontonjournal/news...aa-e2aa619ad1a1

 

[joeiannuzzi]

New royalty scheme expected to generate $1.7B

Alberta`s new royalty framework will boost the province`s burgeoning resource revenues by $1.74 billion this fiscal year, the energy department says.

The new rates, set to kick in this January, should make up nine per cent of the $19 billion of resource revenues the province expects to earn in the budget year ending next April.

"With the new framework, all three formulas for oil, natural gas and oilsands have been made price sensitive. So when prices are higher, revenues will be higher as well," ministry spokesman Jason Chance said on Wednesday.

http://www.canada.com/edmontonjournal/news...ad-52f6c1c1c4b0

 

[joeiannuzzi]

City real estate No. 1

"Once again, Edmonton clearly deserves to take the No. 1 spot on the list," writes Don Campbell in his latest issue of Top Ten Alberta Investment Towns. Campbell is a real estate consultant, author and president of Real Estate Investment Network.

"Edmonton remains at the top of all lists of best places in which to invest, whether you are talking provincial, national or worldwide."

http://www.canada.com/edmontonjournal/news...c7-086f5517ff93

 

[joeiannuzzi]

In defence of `soulless` suburbia

It`s de rigueur these days to bash the very concept of suburban living. In fact, in a world of soaring gas prices and rising fears of catastrophic climate change, it has become a virtual cottage industry.

One of the most outspoken critics is James Howard Kunstler, author of such books as The Geography of Nowhere and The Long Emergency.

Kunstler, who doesn`t seem overly burdened by the idea of journalistic balance, describes suburbs as "trashy and preposterous" wastelands.

Now, with oil prices north of $100 US a barrel and gasoline prices in an upward trajectory, he says they`re doomed to extinction.

http://www.canada.com/edmontonjournal/news...27-c615ef4672ad