August 2012 Alberta Economic Fundamentals
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Alberta's high wages mask huge differences between sectors
Fascinating report out today from ATB Financial`s senior economist Todd Hirsch.
He took a look at average weekly earnings in Alberta by sector, and what he found shows the gap between high-end jobs and low-end jobs in this province is as wide as the Grand Canyon.
Overall, average weekly pre-tax earnings (including overtime) for all employees was $1,048.32 in May, more than $156 or 17.5 per cent above the national average of $892.17.
No surprise there ` although Hirsch notes that the rate of increase in Alberta has slowed, with earnings up just 1.4 per cent year-over-year, versus an uptick of 2.5 per cent nationwide.
Read the full article here.
Fascinating report out today from ATB Financial`s senior economist Todd Hirsch.
He took a look at average weekly earnings in Alberta by sector, and what he found shows the gap between high-end jobs and low-end jobs in this province is as wide as the Grand Canyon.
Overall, average weekly pre-tax earnings (including overtime) for all employees was $1,048.32 in May, more than $156 or 17.5 per cent above the national average of $892.17.
No surprise there ` although Hirsch notes that the rate of increase in Alberta has slowed, with earnings up just 1.4 per cent year-over-year, versus an uptick of 2.5 per cent nationwide.
Read the full article here.
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New Brunswick tracks exodus of residents to Fort McMurray
Residents in the tiny southern New Brunswick village of McAdam are starting to chronicle the exodus of its citizens to western Canada.
Like many other communities in New Brunswick, McAdam is losing many of its residents to other provinces, such as Alberta, as they search for jobs.
The village`s population dropped to 1,284 in 2011, a 8.5 per cent drop in five years, according to the most recent census.
Read the full article here.
Residents in the tiny southern New Brunswick village of McAdam are starting to chronicle the exodus of its citizens to western Canada.
Like many other communities in New Brunswick, McAdam is losing many of its residents to other provinces, such as Alberta, as they search for jobs.
The village`s population dropped to 1,284 in 2011, a 8.5 per cent drop in five years, according to the most recent census.
Read the full article here.
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Gas liquids bloodbath brings shale pain to oil market
The shale boom that sent natural-gas prices to a 10 year low is being felt for the first time in the oil markets.
Williams Partners LP joined Marathon Oil Corp. and Devon Energy Corp. Wednesday in blaming a glut of propane and related products for lower profits in the second quarter. Next week more companies are expected to show the effects of falling prices for so-called natural-gas liquids used in backyard barbecues and motor fuels as producer Chesapeake Energy Corp. and Targa Resources Partners LP, a pipeline and storage company whose trading symbol is NGLS, release earnings.
Read the full article here.
The shale boom that sent natural-gas prices to a 10 year low is being felt for the first time in the oil markets.
Williams Partners LP joined Marathon Oil Corp. and Devon Energy Corp. Wednesday in blaming a glut of propane and related products for lower profits in the second quarter. Next week more companies are expected to show the effects of falling prices for so-called natural-gas liquids used in backyard barbecues and motor fuels as producer Chesapeake Energy Corp. and Targa Resources Partners LP, a pipeline and storage company whose trading symbol is NGLS, release earnings.
Read the full article here.
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Calgary continues to buck national housing sale trends
Calgary, August 1, 2012 ` Calgary continues to buck national housing sale trends. The 1,936 residential units sold in July represent a 21.3-per-cent increase over 2011.
`Recent mortgage rule changes prompted much discussion of a national housing correction. While the two largest cities (Vancouver and Toronto) have started to witness declines in home sales activity, Calgary continues to record improving sales and prices,` says Ann-Marie Lurie, Chief Economist for CREBÂ.
Read the full article here.
Calgary, August 1, 2012 ` Calgary continues to buck national housing sale trends. The 1,936 residential units sold in July represent a 21.3-per-cent increase over 2011.
`Recent mortgage rule changes prompted much discussion of a national housing correction. While the two largest cities (Vancouver and Toronto) have started to witness declines in home sales activity, Calgary continues to record improving sales and prices,` says Ann-Marie Lurie, Chief Economist for CREBÂ.
Read the full article here.
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Calgary resale housing markets seeing 20% growth this year
CALGARY ` A report released Thursday by the Conference Board of Canada says Calgary`s resale housing market is balanced and prices are expected to rise in the short term.
The board`s report, by senior economist Robin Wiebe, said the seasonally-adjusted rate of annual sales in the city in June was 27,768, up 20.1 per cent year-over-year.
Read the full article here.
CALGARY ` A report released Thursday by the Conference Board of Canada says Calgary`s resale housing market is balanced and prices are expected to rise in the short term.
The board`s report, by senior economist Robin Wiebe, said the seasonally-adjusted rate of annual sales in the city in June was 27,768, up 20.1 per cent year-over-year.
Read the full article here.
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Natural resource battle only beginning
British Columbia's brawl with Alberta over the Northern Gateway pipeline and refusal to sign a national energy strategy may be harbingers of battles to come over natural resource developments that are driving the Canadian economy but drawing unprecedented criticism for their environmental impacts.
The petroleum, forestry, mining and electricity sectors are expected to generate hundreds of billions of dollars of investment and hundreds of thousands of direct and indirect jobs across Canada over the next few decades.
Read the full article here.
British Columbia's brawl with Alberta over the Northern Gateway pipeline and refusal to sign a national energy strategy may be harbingers of battles to come over natural resource developments that are driving the Canadian economy but drawing unprecedented criticism for their environmental impacts.
The petroleum, forestry, mining and electricity sectors are expected to generate hundreds of billions of dollars of investment and hundreds of thousands of direct and indirect jobs across Canada over the next few decades.
Read the full article here.
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Edmonton housing starts surge
EDMONTON - Jobs and newcomers are boosting home construction in the Edmonton region to levels not seen since the early 2000s, according to the Canada Mortgage and Housing Corp.
Housing starts in the Edmonton census metropolitan area for July surged to 1,435, up from 1,034 in July 2011.
Read the full article here.
EDMONTON - Jobs and newcomers are boosting home construction in the Edmonton region to levels not seen since the early 2000s, according to the Canada Mortgage and Housing Corp.
Housing starts in the Edmonton census metropolitan area for July surged to 1,435, up from 1,034 in July 2011.
Read the full article here.
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The coming oil boom, and resulting environmental battle
Forget America`s fiscal cliff, Europe`s currency troubles or the emerging-markets slowdown. The most important story in the global economy today may well be some good news that isn`t yet making as many headlines ` the coming surge in oil production around the world.
Until very recently, our collective assumption was that oil was running out. That was partly a matter of what seemed like geological common sense. It took millions of years for the Earth to crush plankton into fossil fuels; it is logical to think that it would take millions of years to create more. The rise of the emerging markets, with their energy-hungry billions, was a further reason it seemed obvious that we would have less oil and gas in 2020 than we do today.
Read the full article here.
Forget America`s fiscal cliff, Europe`s currency troubles or the emerging-markets slowdown. The most important story in the global economy today may well be some good news that isn`t yet making as many headlines ` the coming surge in oil production around the world.
Until very recently, our collective assumption was that oil was running out. That was partly a matter of what seemed like geological common sense. It took millions of years for the Earth to crush plankton into fossil fuels; it is logical to think that it would take millions of years to create more. The rise of the emerging markets, with their energy-hungry billions, was a further reason it seemed obvious that we would have less oil and gas in 2020 than we do today.
Read the full article here.
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Alberta retains jobs crown; Edmonton rate second lowest
EDMONTON - Alberta led the nation in July with the lowest unemployment rate for the second consecutive month in July, according to Statistics Canada.
The jobless rate held steady from June at 4.6 per cent, but compared to the same month last year, it dropped 0.9 percentage points.
Read the full article here.
EDMONTON - Alberta led the nation in July with the lowest unemployment rate for the second consecutive month in July, according to Statistics Canada.
The jobless rate held steady from June at 4.6 per cent, but compared to the same month last year, it dropped 0.9 percentage points.
Read the full article here.
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Wary oil patch gears down
The spending spree in Canada`s fast-growing oil sands is slowing as some of the country`s largest energy companies trim capital budgets and question the fate of some of their most important projects.
Money continues to pour into the oil sands, where $1-billion is spent every two and a half weeks in the rush to add millions of barrels of capacity. But that spending has been under increased scrutiny.
Read the full article here.
The spending spree in Canada`s fast-growing oil sands is slowing as some of the country`s largest energy companies trim capital budgets and question the fate of some of their most important projects.
Money continues to pour into the oil sands, where $1-billion is spent every two and a half weeks in the rush to add millions of barrels of capacity. But that spending has been under increased scrutiny.
Read the full article here.
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Pipeline protests spur companies to consider shipping oilsands crude by rail
OTTAWA ` As battles rage over the Northern Gateway and Keystone XL pipelines, governments and energy companies are eyeing other options for transporting oilsands crude to foreign markets, including by rail, a pipeline through the Northwest Territories and shipping more oil to Eastern Canada instead.
The political, economic and environmental stakes are enormous. Billions of dollars of investment are on the line but, as the Northern Gateway saga has shown, there are also plenty of potential pitfalls for governments and project proponents.
Read the full article here.
OTTAWA ` As battles rage over the Northern Gateway and Keystone XL pipelines, governments and energy companies are eyeing other options for transporting oilsands crude to foreign markets, including by rail, a pipeline through the Northwest Territories and shipping more oil to Eastern Canada instead.
The political, economic and environmental stakes are enormous. Billions of dollars of investment are on the line but, as the Northern Gateway saga has shown, there are also plenty of potential pitfalls for governments and project proponents.
Read the full article here.
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Construction begins on Calgary luxury condo project
CALGARY ` Construction has begun on The River luxury residential condo development in the southwest Mission neighbourhood, just off Calgary`s downtown core.
Last week, the project started demolition at its 26th Avenue S.W. site.
The River project, along the Elbow River, is being developed by 26th Avenue River Investments Inc., an affiliate of Ledcor Properties Inc.
Read the full article here.
CALGARY ` Construction has begun on The River luxury residential condo development in the southwest Mission neighbourhood, just off Calgary`s downtown core.
Last week, the project started demolition at its 26th Avenue S.W. site.
The River project, along the Elbow River, is being developed by 26th Avenue River Investments Inc., an affiliate of Ledcor Properties Inc.
Read the full article here.
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Downtown stroll reveals Edmonton's rebirth
EDMONTON ` It was a perfect summer day. The kind I often find myself fantasizing about during the darkest, coldest days of winter.
So I did what I seldom do. I briefly unchained myself from the computer, and took a leisurely stroll through the downtown core.
What I saw on that hour-long walk ` more than 10 years and some 1,400 columns after I first moved to Edmonton in 2002 ` made me smile with satisfaction.
Read the full article here.
EDMONTON ` It was a perfect summer day. The kind I often find myself fantasizing about during the darkest, coldest days of winter.
So I did what I seldom do. I briefly unchained myself from the computer, and took a leisurely stroll through the downtown core.
What I saw on that hour-long walk ` more than 10 years and some 1,400 columns after I first moved to Edmonton in 2002 ` made me smile with satisfaction.
Read the full article here.
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Bakken boom comes at a cost
The wages are through the roof, housing is scarce and expensive, supplies cost a fortune and drilling is both technically challenging and pricey.
Add the lack of pipelines and oilfield infrastructure coupled with fast-rising production and it translates into oil that is expensive to produce and then sold at discounts to benchmark crudes.
Sound like Fort McMurray? Nope. Try Fort Berthold.
Read the full article here.
The wages are through the roof, housing is scarce and expensive, supplies cost a fortune and drilling is both technically challenging and pricey.
Add the lack of pipelines and oilfield infrastructure coupled with fast-rising production and it translates into oil that is expensive to produce and then sold at discounts to benchmark crudes.
Sound like Fort McMurray? Nope. Try Fort Berthold.
Read the full article here.
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Average house prices in Calgary region to jump by $20,000 in next two years
CALGARY ` The average MLS residential sale price in the Calgary region will climb by more than $20,000 over the next two years, according to Canada Mortgage and Housing Corp.
In its third quarter 2012 Housing Market Outlook, released Tuesday, the CMHC said the average MLS sale price in the Calgary census metropolitan area will jump from $402,851 in 2011 to $413,000 this year and then to $424,000 in 2013.
Read the full article here.
CALGARY ` The average MLS residential sale price in the Calgary region will climb by more than $20,000 over the next two years, according to Canada Mortgage and Housing Corp.
In its third quarter 2012 Housing Market Outlook, released Tuesday, the CMHC said the average MLS sale price in the Calgary census metropolitan area will jump from $402,851 in 2011 to $413,000 this year and then to $424,000 in 2013.
Read the full article here.
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Calgary office market remains in demand
CALGARY ` The lack of vacant office space has kept a lid on absorption levels at the national level but Calgary is a `clear outlier` with absorption rates well above the Canadian average, says a commercial real estate report by CBRE Limited.
The Mid-Year Canadian Office Occupier MarketView said Calgary had the lowest overall vacancy rate in the country at 7.0 per cent. Its downtown office market had the second lowest vacancy rate in the country at 5.0 per cent behind Vancouver`s 3.6 per cent.
Read the full article here.
CALGARY ` The lack of vacant office space has kept a lid on absorption levels at the national level but Calgary is a `clear outlier` with absorption rates well above the Canadian average, says a commercial real estate report by CBRE Limited.
The Mid-Year Canadian Office Occupier MarketView said Calgary had the lowest overall vacancy rate in the country at 7.0 per cent. Its downtown office market had the second lowest vacancy rate in the country at 5.0 per cent behind Vancouver`s 3.6 per cent.
Read the full article here.
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Calgary housing market showed strong sales activity in July
CALGARY ` Calgary residential MLS sales in July experienced one of the highest year-over-year rates of growth in the country, according to data released Wednesday by the Canadian Real Estate Association.
Sales in Calgary of 2,502 transactions were up 26.7 per cent from July 2011. In contrast, MLS sales across Canada rose by only 3.3 per cent to 40,863 units.
Read the full article here.
CALGARY ` Calgary residential MLS sales in July experienced one of the highest year-over-year rates of growth in the country, according to data released Wednesday by the Canadian Real Estate Association.
Sales in Calgary of 2,502 transactions were up 26.7 per cent from July 2011. In contrast, MLS sales across Canada rose by only 3.3 per cent to 40,863 units.
Read the full article here.
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Alberta housing outpaces Canada
EDMONTON - The Canada Mortgage and Housing Corporation forecast Tuesday, Aug. 14 that housing construction and sales will increase modestly in 2013 in Alberta while activity in most of the country slows down.
The Crown corporation`s latest housing market outlook predicts 400 more housing starts in 2013 in Alberta than 2012. That represents just 1.25 per cent growth, but CMHC predicts national construction activity to decline 6.8 per cent over the same period.
Read the full article here.
EDMONTON - The Canada Mortgage and Housing Corporation forecast Tuesday, Aug. 14 that housing construction and sales will increase modestly in 2013 in Alberta while activity in most of the country slows down.
The Crown corporation`s latest housing market outlook predicts 400 more housing starts in 2013 in Alberta than 2012. That represents just 1.25 per cent growth, but CMHC predicts national construction activity to decline 6.8 per cent over the same period.
Read the full article here.
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More home sales expected in Central Alberta
Stronger-than-expected activity in the local housing market has prompted Canada Mortgage and Housing Corp. to inflate its forecast for this year and next.
In its third-quarter housing market outlook, released on Tuesday, the national housing agency boosted its projection of the number of home sales to be processed through the Multiple Listing Service in Central Alberta this year to 4,100. That`s up from the 3,900 deals it was anticipating just a few months ago, and if accurate, would represent an 11 per cent jump over the 3,689 MLS sales recorded in the region last year.
Read the full article here.
Stronger-than-expected activity in the local housing market has prompted Canada Mortgage and Housing Corp. to inflate its forecast for this year and next.
In its third-quarter housing market outlook, released on Tuesday, the national housing agency boosted its projection of the number of home sales to be processed through the Multiple Listing Service in Central Alberta this year to 4,100. That`s up from the 3,900 deals it was anticipating just a few months ago, and if accurate, would represent an 11 per cent jump over the 3,689 MLS sales recorded in the region last year.
Read the full article here.