May 2014 Alberta Economic Fundamentals

Ally

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#21
Calgary region experiencing a condo boom





CALGARY - The Calgary region is experiencing a boom in condo construction this year.





New data released Thursday by Canada Mortgage and Housing Corp. shows that housing starts in the Calgary census metropolitan area have soared this year.





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Ally

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#22
Alberta condo laws to be overhauled





EDMONTON - A proposed overhaul of Alberta`s condominium law, including a way to better resolve disputes, is being hailed as long overdue for the booming condo market.





`The original condominium act was introduced in 1969, and it`s had a couple of minor amendments, but really the condominium developments that are being built and the complexity of the relationships has far exceeded the legislation written in 1969,` said Service Alberta Minister Doug Griffiths on Wednesday.





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Ally

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#23
From FIPA to Keystone, the courts offer cover





The Harper government is understandably miffed at the Obama administration`s refusal to make a decision, one way or the other, on the Keystone XL pipeline to bring bitumen oil from Alberta to refineries in the Gulf of Mexico.





The project has been analyzed and commented on, subjected to detailed reviews at the state and national level, and become a political hot potato. Polls suggest that a majority of Americans want Keystone, but environmental groups do not. President Barack Obama is caught between the conflicting pressures.





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#24
New industrial development slated for Northwest Edmonton





EDMONTON - WAM Development Group and two partners have unveiled plans to develop a major industrial real estate project in northwest Edmonton.





The 250-acre site, located within the 2,500-acre Winterburn Industrial Park, is eventually expected to house roughly 4-million square feet of distribution and logistics warehouse space.





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#25
Alberta economy head and shoulders above Canada





CALGARY - Alberta`s economy remains strong, sitting head-and-shoulders above the rest of Canada on the back of a still-humming energy sector, says a new report released Wednesday by BMO.





The BMO Blue Book, which looks at the economies of Canada and all the provinces, said Alberta will lead the country in economic growth both this year and next year with annual gains of 3.5 per cent and 3.3 per cent respectively.





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#26
It's all about Alberta





OTTAWA - When it comes to job creation in Canada, there's Alberta and then there's everybody else.





The latest employment data for February showed that the oil-rich western province created an impressive 18,800 jobs, largely in construction, mining and oil and gas, while in the rest of the country overall employment fell.





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Ally

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#27
Industrial real estate vacancy rate on upswing in Calgary





CALGARY - The industrial real estate vacancy rate in Calgary increased during the first quarter of this year.







There was some strong leasing activity, but it was not enough to absorb the new space that was built, says a new report released Tuesday by Avison Young.





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#28
Lethbridge home to largest Bhutanese community in Canada





Lethbridge is one of the most sought after cities for Bhutanese refugees who want to call Canada home.

At the end of May, 50 additional refugees will be moving to the Lethbridge which means Lethbridge will have the largest population of Bhutanese in the country.








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#29
Calgary prices for repeat home sales hit new high





CALGARY - Calgary prices for repeat home sales continue to be the envy of the nation as a new report released Wednesday indicated the city had the best annual growth rate in April.





The Teranet-National Bank National Composite House Price Index said Calgary`s year-over-year hike was 10 per cent compared with 4.9 per cent across the country in 11 centres surveyed.





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#30
Housing market heats up in Canmore





Canmore`s housing market is heating up.





A report by Christopher Vincent and Christian Dubois of Sotheby`s International Realty Canada says 64 properties were sold in Canmore in April, which was the third strongest ever for the resale market in that area.





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#31
Migration to Alberta is exploding





It`s looking increasingly like Alberta isn`t just returning to the heady years of its last oil boom ` it`s trumping them.





The latest piece of evidence comes in the form of inter-provincial population trends, or the number of people moving in and out of each province.





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#32
Alberta gets top grade in economic report card





CALGARY - The resource-driven economies of Alberta, Saskatchewan and Newfoundland and Labrador earned top grades of A+ for their economic performance in a report by the Conference Board of Canada.





The report, How Canada Performs: Economy, looked at Canada`s 10 provinces as well as 16 advanced countries.





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#33
Warren Buffet's Canadian lieutentant eyes Alberta expansion





The low-profile Canadian who serves as one of Warren Buffett`s chief lieutenants is making a big bet on the economic potential of his home province amid speculation that he might one day succeed the famed investor at the helm of Berkshire Hathaway Inc. (BRKb.TO









Edmonton-born Greg Abel, 51, presides over Berkshire Hathaway Energy, the power and utility arm of the Oracle of Omaha`s sprawling conglomerate. He has earned plaudits for guiding the Iowa-based energy unit on an acquisition binge, including a $3.2-billion deal earlier this month for AltaLink, Alberta`s largest electrical transmission company.





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#34
Five ways the next decade will move Calgary





Aside from the costly southwest ring road and its connectors, Calgary`s new $3.7-billion, 10-year transportation projects plan has much more for motorists, transit users and pedestrians ` as well as some looming pain in Inglewood.





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Ally

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#35
Calgary house price growth leading nation





CALGARY - When it comes to home price growth these days, Calgary is leading the pack.





According to the Canadian Real Estate Association`s MLS Home Price Index, released Thursday, prices in Calgary in April grew by a nation-leading 9.52 per cent from last year.





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#36
Province hints at forgoing flood diversion projects in High River





Alberta`s municipal affairs minister hinted that diverting surging water from the Highwood River around High River during flood events could be scaled back or shelved following a cost-benefit analysis.





`You may find when you start modelling . . . that you may not need diversions,` Greg Weadick told the Herald. `Or you may just find that you can do a modest diversion and not have to put a dam structure in, which would be incredibly expensive. Those are things we will look at.`





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Ally

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#37
Alberta housing market a standout performer





CALGARY - Alberta has emerged as a standout performer in Canada`s housing market and while a slowdown in Canada`s broader housing market is underway, the province`s housing sector has been heating up, says a new report.





The Alberta Treasury Board and Finance`s Economic Spotlight said housing starts continue to trend higher, prices are accelerating, and the resale market remains firmly in seller`s territory in the province.





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Ally

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#38
Retail, office, and industrial projects springing up near Calgary airport tunnel





The city`s airport tunnel will link the terminal to hundreds of millions of dollars worth of new retail, residential, office and industrial projects planned on land developers have acquired since council approved the project three years ago.





Major developments had already been pushing forward in the farmers` fields north and east of the airport after completion of the northeast ring road, expansion of Metis Trail and new LRT stations in the northeast.





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Ally

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#39
Calgary retail market the envy of Canada





CALGARY - Calgary`s retail market continues to be the envy of Canada, if not North America, says a new report by commercial real estate firm Colliers International as more than 12 million square feet of projects are either under construction or proposed.





`Calgary`s retail market has continued to show strong interest from local, national and international retailers,` said Colliers.





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Ally

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#40
Calgary housing market positive for next two years





CALGARY - Record net migration and the gains in employment over the last couple of years will contribute to increasing sales and prices for the Calgary region`s housing market in 2014 and 2015, says a new report by Canada Mortgage and Housing Corp.





Richard Cho, senior market analyst in Calgary for the CMHC said the Calgary region has experienced strong net migration in the last couple of years with 31,996 in 2012 and 45,168 in 2013.





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