EDMONTON - A large inventory and strong economy will lure first-time homebuyers into the Edmonton-region market this year, predicts a report released Tuesday by Re/Max.
The real estate company`s Affordability Report 2008 says better-balanced market conditions have levelled the field for sellers and buyers.
First-time buyers, in particular, are expected to enter the market in large numbers as they take advantage of a healthy provincial economy, lower interest rates and longer amortization periods, the report said.
CALGARY - Husky Energy Inc. plans to nearly triple its petroleum production to a million barrels a day within 12 years, its chief executive said Tuesday, as it boosts output from Canada`s oilsands and expands its international reach.
John Lau, chief executive of Canada`s No. 3 oil exploration and production firm, said the target is within reach by 2020 as the company looks to ambitious drilling plans and new oilsands projects.
Biggest development in Calgary`s history to be unveiled today
CALGARY - A massive $3-billion mixed-use commercial development -- the biggest in Calgary`s history --will add 10 million square feet of industrial space, about two million square feet of offices and about 1.5 million square feet of retail to the city.
The retail, office, industrial and hotel development will be the largest of its kind in western Canada, said WAM Development Group and partner AIMCo. StoneGate Landing will be built on 1,100 acres between Deerfoot Trail to the west, Metis Trail to the east, Stoney Trail to the north and Country Hills Boulevard to the south.
Prime Minister Stephen Harper waved a red flag Tuesday in the debate over NAFTA`s future, warning Americans who want to reopen the accord that U.S. dependence on Canadian oil gives Canada a big bargaining chip.
Harper staked out his position as he joined presidents George W. Bush of the U.S. and Felipe Calderon of Mexico at a news conference to end their summit that turned into a pep rally for keeping NAFTA intact in the face of threats from the Democratic presidential contenders to kill or rewrite it.
First-time homebuyers are finally able to "catch their breath" as growing inventory levels have held rising house prices in check in Calgary metro this year, says a national report released Tuesday by Re/Max.
The real estate firm`s Affordability Report 2008 said "buyers no longer feel the sense of urgency present just one year ago, and with falling interest rates may finally find themselves with a favourable advantage."
The project to extend Northland Drive across Red Deer River to 30th Avenue is expected to cost about $100 million and be completed by late 2011.
The road work represents only the first phase of an ambitious 30-year plan to build a ring road expressway on the east side of the city at 20th Avenue linking Hwys 11 and 11A to Delburne Road and Hwy 2.
All 47 housing lots that were up for grabs in the city were snapped up on Tuesday.
The city had 120 homeowners, contractors or charitable organizations enter its modified lot draw, which involved lots that were returned from a previous lot draw.
One semi-detached and 46 single family lots were in the draw, located in Oriole Park Estates and Johnstone Crossing
Clearview optimistic about upgrading school property
Clearview School Division officials remain optimistic about securing provincial funding for three major building projects.
That was the good news shared during the regular board meeting April 10 after board Chair Ken Checkel discussed the issues with Infrastructure Minister and Drumheller-Stettler MLA Jack Hayden in Edmonton on April 10.
The Town of Stettler and Shirley McLellan Regional Water Services Commission (SMRWC) signed the agreements on the next phase of the major regional water project on Friday, April 18, paving the way for the start of work in the next few weeks.
The agreements provide for the construction of a 12mega liter (12.000 m3)/day capacity water transfer station and the sale of water by the Town of Stettler to SMRWC, which, in turn, will distribute it to several towns and villages in the east through a pipeline to be constructed in stages.
EDMONTON - After letting the experts have their say on savings, Finance Minister Iris Evans went populist Wednesday, calling for ordinary Albertans` opinions on how the province should stash away money for its future. It`s something a wide band of observers say the government failed to do in this week`s budget.
OTTAWA - The U.S. ambassador to Canada predicts the North American Free Trade Agreement will survive the election of a new president, despite promises by the Democratic contenders for the job to pull out of the pact if it isn`t amended to strengthen environmental and labour standards.
David Wilkins says such hustings talk should be taken with a grain of salt.
Visionary Fort Road project offers expensive lessons
It is one of the most wildly ambitious urban redevelopment projects the city has ever undertaken. And it`s quickly becoming one of the most expensive.
A year and a half ago, city council approved a $17.4-million plan to turn an eight-hectare parcel of land along Fort Road into a new, high-density, transit-oriented housing development.
The four city blocks, just next to the Belvedere LRT station, and across from the Transit Hotel, were never going to win any beauty prizes: vacant lots and boarded-up buildings, with a sprinkling of autobody shops, and other small industrial businesses.
EDMONTON - Edmonton renters will again pay double-digit increases this year, says the 2008 first-quarter multi-family report by real estate company Cushman & Wakefield.
It will be the 13th year in a row that rents have gone up.
But the good news is that the projected average hike of 14.6 per cent won`t sting quite as badly as last year when the average rent jumped 18.2 per cent, the report said.
Higher natural gas prices boost drilling forecast by 14 per cent
EDMONTON - A drilling revival has begun as rising natural gas prices fuel increases in industry budgets, the Petroleum Services Association of Canada reported Wednesday.
The 270-company group sharply increased its 2008 activity forecast to 16,500 wells, up 14 per cent from a previous prediction of 14,500 wells made as gas languished in a market low last fall.
The province says a new $100-million fund created to broaden Alberta`s economy will not turn into a boondoggle despite concerns from some business groups.
A bill to create the Alberta Enterprise Corporation is slated to be introduced this spring. Limited details were revealed in Tuesday`s budget.
The city has lost four of its senior planners in the past few weeks, including the person overseeing development along the west leg of the LRT -- underscoring its ongoing struggle to hire and keep the people determining how Calgary will grow.
The moves leave the department -- which has just over 100 staffers -- short about eight people while trying to manage increasing workloads.
Mayor Dave Bronconnier emerged from a closed-door meeting Wednesday with Premier Ed Stelmach and continued his attack on the provincial budget -- equating it to a tax hike on Calgarians.
While both men said the meeting went well, Bronconnier stuck to his contention that the province`s education tax take amounts to a tax increase for Calgarians.
Phone Service - The traditional land line telephone seems in danger of heading the way of the telegram.
Cell, cable and voice over Internet Protocol (VoIP) services are gaining ground with less than 25 per cent of Canadian homes relying solely on land line service, according to a residential telephone service survey released Wednesday by Statistics Canada.
Stock in Calgary-based Nexen Inc. climbed to a 52-week high Wednesday after it reported it could have recoverable reserves of up to six trillion cubic feet in the Horn River Basin region of B.C.
Nexen`s shares jumped to $38.25 in early trading before slipping to $36.61 per share at the end of the day. Both are 52-week highs.
