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June 2011 Prairie Economic Fundamentals

Ally

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News articles for June 2011.
 

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Regina housing market stumbles in May



The number of sales through the Regina and area MLSÂ System for all geographic areas in May was up from one year ago while previous highs fell in many key measurement areas, said the Association of Regina REALTORSÂ Inc.





There were 401 sales reported during the month, up 11 per cent from 2010 when 360 sales were recorded. This is the first time that sales have surpassed the 400 mark since July 2009 and marks the second highest ever for the month, only behind May of 2007 when 494 sales took place. There were 348 sales in the city, an increase of 14 per cent over 2010 when 306 sales were posted. For the year-to-date, 1,516 sales have occurred, down two per cent from last year`s 1,542 sales. In the city, 1,319 sales have been reported, a drop of one per cent from 1,333 in 2010.





May`s average price of $296,838 set a new high for any month in the history of the Association`s MLSÂ System and was up 18 per cent over 2010`s $250,852. In the city, the average price broke the $300,000 mark for the first time ever, coming in at $304,370 - up 19 per cent from 2010`s $255,744. For the year-to-date in all geographic areas, a new high of $276,962 was set ` an increase of nine per cent over $253,458 in 2010. The city`s year-to-date average price was $282,547, up 10 per cent from last year`s $256,782 and also a new high for the period.





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Residential home sales remain strong



May`s residential home sale market was up 21 per cent from May 2010 with 423 homes selling as compared to 351 homes selling in May last year. The greatest sales activity remained in the $300,000 to $350,000 price range with many first time buyers entering the market. The average number of days to sell lessened from May 2010 when it took 36 days on average to sell as compared to 33 days to sell this indicating an active market environment.





The average residential selling price in May was $317,932 this number was up eight per cent from May 2010 when the average selling price was $295,167. The increase in the average selling price indicates strong sales activity in the mid to upper price range. Year to date the average selling price stands at $304,664 up 5 per cent from last year at this time when the average price was $289,277.





The average residential price is derived by taking the month`s dollar volume of homes sold and dividing that number by the unit sales number. The percentage of change should not be used unilaterally as prices vary from area to area. Consumers wishing an accurate estimate of value for their home should contact a REALTORÂ member to do a comparative market analysis.





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Apartment vacancies down, rents jump up





Regina's already-tight apartment vacancy rate got even tighter in April and rents continued to go up, according to the Canada Mortgage and Housing Corp.




Vacancy rates in Regina were 0.7 in April, down from 0.8 per cent a year ago.




The average rent for a two-bedroom apartment in Regina was $897 in April, up 5.4 per in the last year.




"Employment growth attracted a record high level of migration to Regina, supporting demand for rental housing,'' commented Michael Fabiyi, senior market analyst for Saskatchewan with CMHC.






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Rental apartments harder to come by: CMHC




The vacancy rate for rental apartments in Canada's cities decreased slightly to 2.5 per cent in April, a slight drop from the 2.9 per cent it was at during the same month a year earlier.




The Canada Mortgage and Housing Corporation said in a report Thursday that a surge in immigrants seeking accommodation caused the vacancy rate to drop in Canada's 35 largest metropolitan areas.




"Recent immigrants tend to rent first before becoming homeowners," CMHC chief economist Bob Dugan said.




Not surprisingly, strong demand for apartments drove up prices, with the average price for a two-bedroom apartment in April pegged at $864 during the month, up 1.8 per cent from $848 a year earlier.





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Couture: Time for a bypass around the east end of Regina





What's a good argument for a bypass around the east end of Regina?




How about the traffic jams last week that turned Victoria Avenue into southern Saskatchewan's longest parking lot?




Victoria is usually backed up going east at rush hour, but construction near where the major street meets Ring Road meant gridlock last week that seemed much worse than usual. Problems with the construction project mean that Victoria will stay "highly restricted" for a while.




Of course, it's positive to see the City of Regina fixing infrastructure like roads and bridges and water, sewer and drainage systems.




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Apartment vacancies down in Regina, rents increase





REGINA ` Regina`s already-tight apartment vacancy rate got even tighter in April and rents continued to go up, according to the Canada Mortgage and Housing Corp.




Vacancy rates in Regina were 0.7 in April, down from 0.8 per cent a year ago.




The average rent for a two-bedroom apartment in Regina was $897 in April, up 5.4 per in the last year.




`Employment growth attracted a record high level of migration to Regina, supporting demand for rental housing,`` commented Michael Fabiyi, senior market analyst for Saskatchewan with CMHC.






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Regina building permits down in May





REGINA ` Building permits took a tumble in May, with only $18.9 million issued last month compared with $61.6 million in May 2010, according to the City of Regina`s monthly building permit report.




But the city is still ahead of last year`s pace, with $238.9 million worth of permits issued in the first five months of the year versus $216.2 million during the same period last year. `We`re still ahead of last year,` said Garry Wasyliw, manager of the building division.




While residential construction was down slightly from last year at $12.1 million ($15.5 million in May 2010), commercial, industrial, institutional and government building permits of $4.65 million were just a fraction last May`s total of $44.5 million.






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Mining industry eyes $43B expansion





Saskatchewan is in the midst of an unprecedented boom in the mining sector, which could see $43 billion invested in the province over the next two decades, a news conference to launch Mining Week in Saskatchewan was told Monday.




"The Saskatchewan Mining Association is forecasting that $43 billion will be invested by our mining industry by 2028,'' said Crown Investment Corp. (CIC) Minister Tim McMillan.




"Saskatchewan potash producers are planning to invest $12 billion by the year 2020 in expanding existing mines.''






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Oil royalties to stay, Boyd tells conference





Saskatchewan has no intention of revamping its oil and gas royalty regime, which is expected to bring in $1.4 billion in revenues this year, Energy and Resources Minister Bill Boyd told the Williston Basin Petroleum Conference here Tuesday.




But Boyd conceded the province might have to "tweak'' its royalty structure to help out the struggling natural gas sector, which has seen historic lows in drilling, prices and production in recent years.




"It's a tremendous success story that's unfolding here in Saskatchewan, particularly in the oil sector,'' Boyd told the conference, which attracted about 1,500 delegates mainly from Canada and the U.S.




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Solution potash mine near Regina in the works





REGINA ` Seven years ago, Regina-based engineer and geoscientist Greg Vogelsang addressed the Saskatchewan Geological Society about a major project in Regina ` the $18-million Wascana Lake Urban Revitalization project, better known as the 'Big Dig.'




On Wednesday, Vogelsang spoke to the society about another big dig near Regina ` this time for potash.




Specifically, Vogelsang, manager of environment and regulatory affairs for Western Potash Corp., talked about Western's Milestone project ` a proposed 2.5-million-tonne-per-year solution potash mine 35 kilmetres southeast of Regina.






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Saskatchewan after-tax incomes jump



Saskatchewan families were the big winners in a national report on income increases released Wednesday.





The Statistics Canada report said the median after-tax income of Saskatchewan families with two or more members went up by 7.5 per cent in 2009 compared to 2008.





Saskatchewan and New Brunswick were the only two provinces where incomes increased in 2009, as incomes were essentially "stable" in the rest of the country.





The median income family income in 2009 was $69,900 in Saskatchewan, which was more than the $63,800 national median.





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Saskatchewan population reaches another record high





REGINA ` Saskatchewan`s growth continues to exceed the national pace.





The province`s population reached a new high of 1,054,960 as of April 1, 2011, according to estimates released by Statistics Canada on Wednesday.




Saskatchewan grew by 1,910 people in the first quarter of 2011 and by 13,225 over the last year, for an annual growth rate of 1.27 per cent.




That was the fourth-highest among provinces and ahead of the national average growth rate of 1.06 per cent.




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Number of EI recipients drops more than 16%




The number of Saskatchewan people receiving Employment Insurance decreased by 2,110 in April 2011, compared to the same month in 2010 (seasonally adjusted). This improvement marks the 13th consecutive month of year-over-year decreases.




Saskatchewan`s 16.4 per cent drop was the third largest decrease in Canada, exceeding the national average decrease of 11.3 per cent. In total April saw 10,780 Saskatchewan people receiving regular EI benefits.




Advanced Education, Employment and Immigration Minister Rob Norris said that the drop in EI recipients is another indication that Saskatchewan residents are benefitting from economic growth.




`Saskatchewan has had the lowest unemployment rate in Canada for three straight months, and with six of nine major economic forecasters expecting Saskatchewan to lead Canada in economic growth this year, we look for even greater opportunity on the horizon,` Norris said.





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EI recipients down in Saskatchewan





The number of Saskatchewan people receiving Employment Insurance benefits decreased by a seasonallyadjusted 2,110 in April 2011 compared to the same month in 2010.




Doug Elliott, the publisher of the Sask Trends Monitor newsletter, said those numbers in a Statistics Canada report are positive in some respects but not so positive in other ways.




"We've got the dreaded combination of factors going on,'' Elliott said, in a telephone interview.




One of the factors in the EI drop relates to a growth in jobs in the province, Elliott said.






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Saskatchewan ranks #1, Alberta #6 in Canada for energy investment: Fraser Institute






OTTAWA ` Saskatchewan is the top-ranked Canadian jurisdiction for oil-and-gas investments, according to an annual survey from the Fraser Institute.







The Canadian-based public policy research group said Monday that Saskatchewan has surpassed Manitoba, the top-ranked region last year, which finished second this year.







Saskatchewan was applauded for its government's long-term stability in energy policy, low royalties and "clear regulatory frameworks."







"Saskatchewan understands the petroleum industry and how important it is to maintaining a prosperous economy," said Gerry Angevine, the Fraser Institute's senior economist.






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Saskatchewan's population hits all time high - nearly nearly 1,054,000



Saskatchewan`s population has hit a new all-time record of 1,053,960 as of April 1, 2011, according to the latest estimate released today by Statistics Canada.





Advanced Education, Employment and Immigration Minister Rob Norris said the province`s continued population growth is a sign of a strong and vibrant economy.





`Saskatchewan continues to be a province of opportunity both for those who have lived here for years and for newcomers to our province,` Norris said. `Our government will keep working to ensure those opportunities continue and Saskatchewan keeps on growing strong.`





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