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December 2012 Alberta Economic Fundamentals

Ally

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News articles for December 2012.
 

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Council passes budget with 5.5% tax hike






Twice before, Mayor Naheed Nenshi had chaired budget debates with a keenness to trim but was opposed by a council majority often fond of the city hall programs on a would-be chopping block.




But having judged that enough trimming had been done in his first two years, the mayor joined his colleagues in this week's 2013 budget debates to increase a little, preserve the rest and bring in a 5.5-per-cent property tax hike.




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Edmonton's economy is thriving, but will it continue in 2013?



We've all seen the signs popping up around our city- 'help wanted,' 'now hiring.' Edmonton's economy is thriving and businesses are looking for employees.







"There's labour shortages looming," said Kathy Verenka who is a recruiter with Staff Bureau.







Verenka helps local businesses find employees. Last year the company saw a 25 percent increase in the number of people they found positions for. Verenka says there is a particular need for employees in five industries.







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Calgary's Bow tower to be eclipsed by new development




Just as Calgarians were getting acquainted with their tallest skyscraper, plans are afoot for an even loftier successor.




It`s expected that in about five years, the 56-storey 225 Sixth tower will be crowned, to eclipse The Bow, that`s just now being occupied.





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Fort McMurray affordable housing to be called Gap Housing






To avoid their clients being wrongfully assumed to be on social assistance , Wood Buffalo Housing Development is offering up a name change with their 2013 operational budget.





The organization will no longer be referring to their affordable housing units, as 'affordable' rather calling them 'gap' housing.





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Quality of life index for 2013




You are looking at Quality of Life Index for 2012. These indexes are updated yearly in Q1.





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Windowless bedrooms is condos OK, city report says




CALGARY ` Windowless bedrooms in multi-family buildings don`t pose a safety threat to dwellers or detract from Calgary`s goal of being `socially inclusive,` according to a new city report.




In June, city council directed administration to investigate safety, societal and urban design issues concerning multi-storey, residential buildings with windowless bedrooms ` an entirely legal practice under current building codes.





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Fast growing Beaumont seeks to more than double its land area





EDMONTON - A proposed land annexation that would more than double the size of the town of Beaumont is necessary to keep up with projected growth, town council says.

Council passed a resolution on Tuesday to begin negotiations with Leduc County to annex 24 quarter sections, or 1,536 hectares, of land. The land to be annexed extends north, west and south of Beaumont`s current boundaries.







If the land north of Beaumont was annexed it would bring Beaumont`s boundaries to Edmonton city limits.







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Edmonton winning economic battle with Calgary




EDMONTON - Edmonton`s economy and housing market have been improving and are outperforming Calgary on several fronts, according to an analysis from the Conference Board of Canada.




These yardsticks include faster economic and house price growth this year, along with more housing starts in four of the past five months. The city`s housing markets should remain buoyant, fuelled by healthy population advances, said Robin Wiebe, senior economist with the board`s Centre for Municipal Studies.





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Cooling house prices in parts of Canada not entirely negative for the economy: CIBC



CALGARY ` A cooling in house prices in some parts of Canada may not be all bad news for the country`s economy as cheaper real estate may free up retail spending power for prospective first-time home buyers, finds a new report from CIBC World Markets.




The report, released Thursday, said that while the evident slowing in Canadian home sales will take a bite out of domestic economic growth by reducing new housing starts and related sales of furniture and appliances, a gradual retreat in prices may be beneficial for parts of the economy and for some Canadians.





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Canadian office vacancy rates fall, Calgary most active




A still-challenging economy from mid-2011 to mid-2012 doesn`t appear to have hurt the corporate real estate market in most of Canada`s major cities, says a new report.


Office vacancy rates in that period fell significantly in Montreal, Toronto, Calgary, Edmonton, Winnipeg and Vancouver, according to Newmark Knight Frank Devencore`s national office market report for 2012.





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Canadian personal debt shouldn't be compared to U.S., economist says






Record high Canadian personal debt is being cited as a risk factor for everything from plunging household spending to collapsing home prices.




But has ballooning debt really left Canadians so financially vulnerable as to find themselves in a similar situation as U.S. households before the economic crash ` a concern raised by several media reports in recent months?




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Calgary housing market bucks national slowdown




The Calgary housing market is holding its own in the face of a national trend showing a slowdown in the sector.




While the Calgary Real Estate Board says the market is not in the `frenzy` it was previously, November figures show the composite price for housing in the city was up 0.3% from a month ago to $388,800 and 7.3% from a year ago. Sales through November are up 11% from the same period in 2011. Sales for November were up 8% compared to a year ago.





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Alberta's unique housing cycle




Alberta real estate has marched to its own rhythm for the better part of a decade now. The real estate craze that has gripped most of the nation since 2009 has largely bypassed a province where the memory of a bursting real estate bubble was still fresh. Over the years, Alberta has managed what is hoped the rest of the country will experience: a soft landing.




A soft landing in real estate happens when, after a spell of exuberance in the market, balance is restored`without any major correction in price. Instead, the market returns to balance as time takes its toll. Over time, wages increase, inflation occurs and the population grows. This is largely what happens with these real estate markets, as homeowners tend to pull listings when the market cools, stemming price declines.





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Suncor scales back 2013 oil sands spending plan




Suncor Energy Inc. will spend nearly $1-billion less to expand in the oil sands next year, with its 2013 budget cutting nearly in half spending in the Fort McMurray region compared to early expectations for 2012.




In a shift of course this year, Suncor pledged to focus on profit over growth in coming years, and launched what it called a `rigorous` review of the costs of new oil sands projects.



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What's next for Calgary's LRT system?




The completion of the West LRT line, which opens on Dec. 10, means the attention now turns to what project will be next ` and the pressure for a southeast line is growing as the population of the quadrant continues to leap.




Anyone who lives in communities like Douglasdale, McKenzie Towne or Copperfield know that a single traffic accident on Deerfoot Trail during rush hour can cause major delays on the way to work.





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Boom in resale housing market just outside Calgary






CALGARY ` The resale housing market in towns just outside the City of Calgary has seen a boom in sales this year.




According to the Calgary Real Estate Board, year-to-date MLS sales in the surrounding communities market has ballooned to 4,878 up to the end of November, a hike of 39.05 per cent compared with the same period in 2011.




In comparison, year-to-date sales of 20,128 in the City of Calgary are up 15.21 per cent compared with last year.




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Too many Alberta workers have lousy work ethic, sound of entitlement






My latest column on Alberta`s growing labour shortages drew some illuminating emails from local HR (Human Resources) executives. It seems many have a rather jaundiced view of the complaints aired by some job seekers.




Rather than paraphrase their comments, I`ve decided to reproduce the best rant of the bunch, more or less verbatim. It speaks volumes about what he sees on Alberta`s work sites each and every day. Here it is:


Good Day Gary,





I agree with your article and the Alberta job shortage. I may be biased in my opinion as I am in Human Resources and responsible for the recruitment of manpower throughout Canada for one of our many work sites.






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Alberta adds 10,100 jobs in November




Labour markets continue to tighten in Alberta, with Statistics Canada announcing in its monthly labour force survey that the province added more than 10,000 jobs in November. That dropped Alberta`s unemployment rate down to 4.2 per cent, the lowest in Canada.




On a national basis, an impressive 59,000 new jobs were created in November. Ontario and Quebec were the biggest contributors, adding 32,000 and 18,000 jobs, respectively. British Columbia, which has seen its jobs engine sputtering of late, lagged the rest of the country, posting job losses of 4,700.




On a year-over-year basis, Alberta has added 38,900 jobs, and there is no sign yet that the job creation engine is stalling.





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Alberta's job market keeps booming




EDMONTON - Alberta created 10,100 jobs in November and its unemployment rate was the lowest in the country, Statistics Canada said Friday.






The province`s unemployment rate fell to 4.2 per cent, down from 4.5 per cent in October and 5.0 per cent in November 2011. Year-over-year employment growth in the province was 1.8 per cent, or 38,900 jobs.





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