June 2014 Alberta Economic Fundamentals

Ally

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#2
Koch brothers gear up for Canadian oil sands development






VANCOUVER ` U.S. billionaire industrialists the Koch brothers garnered headlines when it was revealed the group's Canadian oil arm was the largest foreign stakeholder in the Alberta oil sands, with registered holdings of at least 4,451-sq. km according to Alberta Energy.





And it looks like Koch Oil Sands ` a Calgary-based subsidiary of Koch Industries
` has kick-started the permitting process to develop its Dunkirk in-situ project 76 kilometres west of Fort McMurray.









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Ally

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#3
Total shelves $11 billion Alberta oil sands mine










The Joslyn oil sands mine has been shelved indefinitely, a result of rising industry costs that made the $11-billion project financially untenable.





French energy powerhouse Total SA, along with its partners in the Joslyn north oil sands project, unanimously decided to put the project on hold because of rising cost pressures across the entire energy industry, said Andrà Goffart, the head of Total`s Canadian division.





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Ally

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#4
Alberta business owners investing in technology





CALGARY - The vast majority of Alberta business owners, 83 per cent, are planning to make major changes and investments in the future to adapt to new innovations, according to a BMO Bank of Montreal survey released Friday.





The survey also found that 86 per cent of Canadian business owners will do so.





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Ally

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#5
Are secondary suites the answer to Calgary's rental shortage?





It`s really hard to find a place to live in Calgary. In a city that`s rolling in at what feels like around a zero per cent vacancy rate ` but is still attracting new people every single day ` the lack of housing is moving from a big concern to a near epidemic-like problem.





Sure, new home and condo construction is on the rise, but not everyone is able to walk into a $200,000 (or more) mortgage just to put a roof over their heads. Rental units are the go-to for young people and new arrivals in Calgary and they`re about as easy to find in town as a palm tree.





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Ally

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#6
Calgary apartment hunting a rude awakening





When I told my friends I was moving to Calgary, one of the most common reactions I got (aside from `oooh, Stampede!`) was `Your rent will be so much cheaper.`





I was coming from Toronto, and before that Vancouver, so the assumption was that I`d be able to find a cushy shared space downtown for a decent price, no problem.





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Ally

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#7
Record-breaking May for Calgary housing market





CALGARY - May was a record-breaking month for Calgary`s resale housing market.





All-time highs were set for the median and average MLS sales price, the number of properties sold for the month of May, and the level of luxury home transactions, according to Mike Fotiou, associate broker with First Place Realty.





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Ally

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#8
Oxford properties growing its Canadian industrial portfolio





CALGARY - Oxford Properties, the real estate arm of the OMERS Worldwide Group of Companies, announced Tuesday its industrial portfolio has exceeded over 10 million square feet, comprising assets across Canada`s core markets, including Calgary.





The company said it also intends to develop an additional 5.1 million square feet over the next three years to capitalize on the growing demand for modern, well-located buildings in Canada`s major cities.





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Ally

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#9
Sotheby's doubles down on Calgary as luxury home sales climb





Sotheby`s International Realty Canada is planning to double its presence in Calgary, a testament to the growing number of luxury properties that are selling in the city.





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Ally

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#10
Edmonton pre-arena downtown revitalization





In 2010, the Katz Group promised Edmonton that a new hockey arena would revitalize the city`s languishing core. The problem and its promised $480 million solution were topics of divisive debate. David Staples, the Edmonton Journal columnist, wrote in 2011 that Edmonton`s `sad downtown` ` which, he noted, had sat almost vacant during the province`s last economic boom ` was `surely going to sit vacant for decades if this [arena] deal fails.` At the time, looking around the city`s streets at any time after 5:30 p.m., it was hard to disagree. Downtown needed a saviour.





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Ally

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#11
Calgary resale housing market in balanced territory





CALGARY - Calgary`s resale housing market is classified in balanced territory with short-term year-over-year MLS price growth expectations in the range of five to 6.9 per cent, says the Conference Board of Canada.





In its latest Metro Resale report, released Thursday, the board said the Calgary area`s sales-to-new-listings ratio in May was 0.698 and a balanced market range would be 0.467 to 0.745.





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Ally

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#12
Calgary building permit values sore in April





CALGARY - The total value of permits was up in 19 of the 34 Canadian census metropolitan areas in April, led by Calgary, London and Halifax, according to Statistics Canada.





The federal agency reported Thursday that `Calgary posted the largest increase, as a result of higher construction intentions for institutional buildings, commercial structures and multi-family dwellings.`





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Ally

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#13
Calgary councillor to battle delays to legalize secondary suites





Rumbles out of City Hall is that a plan to allow homeowners to open up their basements to renters in four inner city wards and along major transit corridors will be put off until September.





Ward 11 Councillor Brian Pincott, who represents one of those wards, said he will battle any attempt to delay action on something he has discussed at the door with voters over two elections.





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Ally

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#14
Alberta job creating machine





CALGARY - Alberta continued to be the country`s job creating machine in May.





According to Statistics Canada, the province had 16,400 new jobs in the month, up 0.7 per cent from the previous month, and a nation-leading 71,200 new jobs from a year ago for a 3.2 per cent hike.





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Ally

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#15
Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse





CALGARY - Calgary`s latest luxury condo development project in Eau Claire, along the Bow River, will be the best engineered flood and emergency prepared residential building ever designed in Canada, says the Vancouver-based developer of The Concord.





Concord Pacific announced plans for the development on Tuesday, which has more than 200 luxury homes on two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge.





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Ally

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#16
Vote on secondary suites delayed until September





Inner-city councillors acknowledged they would have likely lost their bid to ease secondary suite zoning rules in their own four wards if it went to vote Monday, so they`re delaying their motion until September.





The councillors, and Mayor Naheed Nenshi, are staunch supporters of making basement suite development easier and ending one of Canada`s most prohibitive zoning systems for suites. The group hope three more months of community consultation will give them better odds at getting the `yes` vote that has eluded them for years.





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Ally

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#17
Calgary Real Estate Alliance announces an advanced home search for real estate buyers





Calgary, Canada, June 07, 2014 --(PR.com)-- Potential home buyers searching homes for sale in Calgary can encounter many road blocks to get the information they need. There are some restrictions to access the search, which requires the buyer to receive sales pitches and information they don't want. But now Calgary home buyers are being empowered with better search options. Calgary Real Estate Alliance offers advanced home search options and less frustration for buyers.






"Our MaxWell South Star office is the most complete home search available in Calgary and will save you time as well as provide up-to-date property information that can help you learn about the new properties that come on the market before other buyers do. This feature will let you conduct property searches for all the listings available in Calgary area and includes detail information, including addresses and photos," reported the media person from Calgary Real Estate Alliance.





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Ally

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#18
New Fort McMurray International Airport terminal opens





EDMONTON ` After nearly three years of construction, the new $258-million Fort McMurray International Airport terminal opened for passengers Monday morning.





Government and airport officials say the new facility is vital for the municipality of Wood Buffalo, which has experienced a 75 per cent increase in air passenger traffic since 2010. The average annual increase at North American airports is three percent.





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Ally

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#19
Condos Q&A: Reserve fund study mandatory every five years





Q:
Our condominium board wants to renovate some common property areas, but there is no current reserve fund study (it is two years overdue). The condominium corporation is currently repairing an outside wall, which required a special assessment, and the board tacked on more money for extra work. Owners are confused about everything. Can a social room and exercise room change locations? Do plumbing changes, extra doorways, removal of doorways, and/or windows all require the support of owners?





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Ally

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#20
Realtors, home buyer relationship spelled out in new agreements





EDMONTON - The pile of paperwork that comes with buying and selling a home is growing one document taller.





Starting July 1, Realtors in Alberta will ask their clients to sign a written service agreement.





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