December 2013 Alberta Economic Fundamentals

[Ally]

Calgary's uplift





For some Calgary airport commuters, the large signs announcing the permanent closure of Barlow Trail north of 48th Avenue North may seem like a sign of the apocalypse.








Certainly they herald at least uncertainty - some would argue traffic chaos - in a city where residents value their mobility and freedom, and lack LRT airport access.





Read the full article here.

 

[Ally]

Alberta rents remain reasonable





Vacancy rates in some Alberta communities have dropped to zero. But in Lethbridge, renters continue to enjoy their choice of apartments across the city.








And at an average of $863 per month for a two-bedroom unit, they`re also paying a lot less than in most Alberta cities.








That $863 is unchanged from a year ago, according to a semi-annual report from the Canada Mortgage and Housing Corp. But the vacancy rate has dropped significantly to 4.8 per cent, down from the highest-in-the-province rate of 8.8 per cent a year ago.





Read the full article here.

 

[Ally]

Economics of the oilsands: It's more than jobs and GDP





The oil sands represent a compelling opportunity for Canada, but also a daunting challenge. When people talk about the economics of oil sands, they often refer to the sector`s share of GDP or the number of people working in the sector. These statistics don`t answer the questions an economist should ask about oil sands development: Are we maximizing the value of the resource, and are we taking all relevant costs into account?








Read the full article here.

 

[Ally]

Calgary downtown office market demand falls





CALGARY - Decline in demand for the Calgary downtown office market in 2013 was the second worst on record.








A survey by the commercial real estate firm, Newmark Knight Frank Devencore, said total annual absorption, the change in occupied space, was a negative 1.15 million square feet this year and only 2009 had a larger negative demand year at 1.63 million square feet.





Read the full article here.

 

[Ally]

December weather not deterring Calgary homebuyers





CALGARY - The weather outside may be frightful but it hasn`t had an impact on December`s residential real estate market in Calgary as sales continue to outpace last year`s numbers.








In fact, despite recent winter storms, with their dropping temperatures and dumps of snow, sales in the city are actually higher than new listings this month making it a strong sellers` market right now.





Read the full article here.

 

[Ally]

Calgary home price growth doubles national average: CREA





CALGARY - Calgary year-over-year home price growth was the best in Canada in November and more than doubled the national average, according to the Canadian Real Estate Association.








The association`s MLS Home Price Index, released on Monday, said prices in Calgary have risen by 8.82 per cent from a year ago while in Canada, for 11 major centres surveyed, they were up by 4.11 per cent.





Read the full article here.

 

[Ally]

Sylvan Lake apartment vacancy rate up in 2013





Higher demand and low vacancy rates supported increased rental rates in many of Alberta`s bigger communities, including Sylvan Lake.





Canada Mortgage and Housing Corporation`s October rental market survey indicated average rents have increased 21.5 per cent for two bedroom apartments in Sylvan Lake. Rents for one bedroom units edged up an average of three per cent. (These rates were calculated by this reporter. A separate page in the survey indicates the percentage change of average rent was `suppressed to protect confidentiality or data was not statistically reliable`.)





Read the full article here.

 

[Ally]

Calgary region sees declining rental apartment vacancy rate





CALGARY - The rental apartment vacancy rate in the Calgary region continues to fall.








Vacancy was one per cent in October, down from 1.3 per cent last year, in the Calgary census metropolitan area, according to the Fall Rental Market Survey released Thursday by Canada Mortgage and Housing Corporation.





Read the full article here.

 

[Ally]

Calgary tops Canada for repeat home sale price growth





CALGARY - Calgary had the nation`s best year-over-year price growth in November for repeat home sales, according to the latest Teranet-National Bank National Composite House Price Index released Thursday.








Prices in Calgary rose by 5.9 per cent from October 2012 while they were up 3.4 per cent in the 11 metropolitan markets surveyed for the index.





Read the full article here.

 

[Ally]

Edmonton set to outperform national economy in 2014: Experts





EDMONTON ` Edmonton`s economy is growing about three times faster than the national average. So what exactly is it that sets our city apart?








`It`s the energy sector and, particularly, the focus on the development of the non-traditional oil side, the oil sands development in northeastern Alberta,` said the City of Edmonton`s chief economist, John Rose.





Read the full article here.

 

[Ally]

Factors combined to boost Calgary rental housing market in 2013





Calgary`s housing market grew twice as fast as expected in 2013, the result of what some realtors have dubbed a `perfect storm` of market factors.








Calgary Real Estate Board president Becky Walters said it`s unlikely 2014 will see the same kind of growth witnessed this year, when a combination of the June flood, a tight rental market, and an influx of newcomers to the city drove sales and prices higher.





Read the full article here.

 

[Ally]

Job vacancies in Alberta outstrip available labour





Alberta continued to be the best place in the country for job-seekers in the fall of 2013.





Businesses in the province reported 52,800 vacant jobs in the month of September. Statistics Canada says that is fewer than the previous year, but still the highest number in the country.








Bruce Graham, the CEO of Calgary Economic Development, said the city is experiencing its lowest unemployment rate since the recession of 2008.





Read the full article here.

 

[Ally]

Alberta expected to outperform national housing markets





CALGARY - Alberta will likely outperform national housing markets in 2014, says the new Global Real Estate Trends report released Friday by Scotiabank Economics.








`Relatively firmer employment and income gains and strong population growth are expected to underpin modestly higher home sales and steady new construction, while tighter supply conditions lift prices,` said the report authored by Adrienne Warren, the bank`s senior economist and real estate specialist.





Read the full article here.