July 2011 Alberta Economic Fundamentals
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Why is the IEA tapping strategic reserves?
Just why did the United States and the International Energy Agency decide to release 60 million barrels of oil next month from their strategic petroleum reserves?
The IEA cites the loss of 1.5 million barrels of Libyan production but that`s been going on since February. So why has it taken until July for them to respond?
Read the full article here.
Just why did the United States and the International Energy Agency decide to release 60 million barrels of oil next month from their strategic petroleum reserves?
The IEA cites the loss of 1.5 million barrels of Libyan production but that`s been going on since February. So why has it taken until July for them to respond?
Read the full article here.
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Calgary taxes on the rise
Living in Calgary may cost a lot more over the next three years, with steep increases forecast for property taxes and utility rates.
Homeowners could see those hikes translate into $150 to $200 jumps in household bills each year.
The bigger jump comes to water rates, with a 9.8 per cent annual increase recommended in each of the next three years.
City council also suggests we'll need to pay five per cent more in property taxes next year, 5.1 per cent more in 2013, and another 5.5 per cent in 2014.
Read the full article here.
Living in Calgary may cost a lot more over the next three years, with steep increases forecast for property taxes and utility rates.
Homeowners could see those hikes translate into $150 to $200 jumps in household bills each year.
The bigger jump comes to water rates, with a 9.8 per cent annual increase recommended in each of the next three years.
City council also suggests we'll need to pay five per cent more in property taxes next year, 5.1 per cent more in 2013, and another 5.5 per cent in 2014.
Read the full article here.
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Repeat home sale survey shows Calgary price drop
CALGARY ` A regular survey of repeat home sales in major markets across the country shows Calgary experienced the seventh consecutive month of a year-over-year price decline in April.
The Teranet-National Bank House Price Index, released Wednesday, indicated prices in Calgary fell by 3.5 per cent from April 2010.
However, prices rose 0.6 per cent on a monthly basis, only the second rise in the last nine months.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
Read the full article here.
CALGARY ` A regular survey of repeat home sales in major markets across the country shows Calgary experienced the seventh consecutive month of a year-over-year price decline in April.
The Teranet-National Bank House Price Index, released Wednesday, indicated prices in Calgary fell by 3.5 per cent from April 2010.
However, prices rose 0.6 per cent on a monthly basis, only the second rise in the last nine months.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
Read the full article here.
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Alberta website allows employers to check foreign credentials
Employers wondering about the qualifications of foreign workers can now check their credentials with a provincial government website.
The site, announced Tuesday by Employment and Immigration Minister Thomas Lukaszuk, provides comparisons of academic credentials in the foreign countries with the highest number of immigrants to Alberta, including China, India and the Philippines.
Read the full article here.
Employers wondering about the qualifications of foreign workers can now check their credentials with a provincial government website.
The site, announced Tuesday by Employment and Immigration Minister Thomas Lukaszuk, provides comparisons of academic credentials in the foreign countries with the highest number of immigrants to Alberta, including China, India and the Philippines.
Read the full article here.
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A pipeline in peril
Even in the midst of a potentially life-threatening challenge, TransCanada Corp.`s (TRP-T42.09-0.26-0.61%)Mainline carries more natural gas than any other pipeline system in North America. Quiet and unseen, it is Canada`s underground energy superhighway, a network of pipes crossing from Prairies to Canadian Shield to urban centres that for more than half a century has carried Alberta`s gas to the eastern stretches of the continent.
Read the full article here.
Even in the midst of a potentially life-threatening challenge, TransCanada Corp.`s (TRP-T42.09-0.26-0.61%)Mainline carries more natural gas than any other pipeline system in North America. Quiet and unseen, it is Canada`s underground energy superhighway, a network of pipes crossing from Prairies to Canadian Shield to urban centres that for more than half a century has carried Alberta`s gas to the eastern stretches of the continent.
Read the full article here.
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Epcor July eletricity rate to spike for non-contract customers
EDMONTON - City customers without contracts will see electricity rates hit 9.89 cents per kilowatt hour in July, up from June`s 6.92 rate, says Epcor Utilities.
After the sharp jump to 11.73 cents in April, which came after the failure of two generators at Wabamun, rates have returned to their normal historical pattern, which sees increases during summer and winter, with declines in fall and spring, says Epcor spokesman Tim LeRiche.
`For Regulated Rate Option customers, Epcor goes into the market and buys power for the month ahead, then has the rate approved by the Alberta Utilities Board,` said LeRiche.
Read the full article here.
EDMONTON - City customers without contracts will see electricity rates hit 9.89 cents per kilowatt hour in July, up from June`s 6.92 rate, says Epcor Utilities.
After the sharp jump to 11.73 cents in April, which came after the failure of two generators at Wabamun, rates have returned to their normal historical pattern, which sees increases during summer and winter, with declines in fall and spring, says Epcor spokesman Tim LeRiche.
`For Regulated Rate Option customers, Epcor goes into the market and buys power for the month ahead, then has the rate approved by the Alberta Utilities Board,` said LeRiche.
Read the full article here.
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Calgary job prospects stable
CALGARY ` Job prospects for the near term are stable in the Calgary census metropolitan area, according to the Conference Board of Canada.
In releasing its Metro Help-Wanted Index on Tuesday, the board said job prospects were down in 13 of 26 census metropolitan areas surveyed across the country.
Joining Calgary in the stable list were Halifax, Montreal, Greater Sudbury, Kitchener-Cambridge-Waterloo, Edmonton, Vancouver, and Victoria.
Read the full article here.
CALGARY ` Job prospects for the near term are stable in the Calgary census metropolitan area, according to the Conference Board of Canada.
In releasing its Metro Help-Wanted Index on Tuesday, the board said job prospects were down in 13 of 26 census metropolitan areas surveyed across the country.
Joining Calgary in the stable list were Halifax, Montreal, Greater Sudbury, Kitchener-Cambridge-Waterloo, Edmonton, Vancouver, and Victoria.
Read the full article here.
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Calgary MLS sales soar in June
CALGARY ` Calgary`s residential real estate market experienced a significant upswing in sales in June compared with a year ago.
Single-family MLS sales during the month were 1,398, up 32.01 per cent from June 2010`s 1,059 transactions, according to data released by the Calgary Real Estate Board on Monday.
And for the first time since April 2010, condo sales were up year-over-year, increasing by 30.56 per cent in June to 581 transactions. In June 2010, there were 445 condo sales.
The average sale price for a single-family home in June dropped by 0.33 per cent year-over-year falling to $479,580 from $481,960.
Read the full article here.
CALGARY ` Calgary`s residential real estate market experienced a significant upswing in sales in June compared with a year ago.
Single-family MLS sales during the month were 1,398, up 32.01 per cent from June 2010`s 1,059 transactions, according to data released by the Calgary Real Estate Board on Monday.
And for the first time since April 2010, condo sales were up year-over-year, increasing by 30.56 per cent in June to 581 transactions. In June 2010, there were 445 condo sales.
The average sale price for a single-family home in June dropped by 0.33 per cent year-over-year falling to $479,580 from $481,960.
Read the full article here.
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Tsuu T'ina band supports renewed ring road talks
CALGARY - Tsuu T`ina Chief Sandford Big Plume indicated he and council members have received support from residents to reopen talks with the province in hopes of negotiating a better deal for the southwest ring road.
`Thanks to the hundreds of people who took time to vote whether chief and council could have a mandate to renegotiate for a new and better ring road deal,` he wrote Wednesday night on a Facebook group dedicated to communicating with Tsuu T`ina members.
`I will re-approach the province and demand an offer that addresses the concerns that we had with the last offer. If Alberta comes through, I`ll take that new offer first to council, then to you for a full and democratic vote.`
Read the full article here.
CALGARY - Tsuu T`ina Chief Sandford Big Plume indicated he and council members have received support from residents to reopen talks with the province in hopes of negotiating a better deal for the southwest ring road.
`Thanks to the hundreds of people who took time to vote whether chief and council could have a mandate to renegotiate for a new and better ring road deal,` he wrote Wednesday night on a Facebook group dedicated to communicating with Tsuu T`ina members.
`I will re-approach the province and demand an offer that addresses the concerns that we had with the last offer. If Alberta comes through, I`ll take that new offer first to council, then to you for a full and democratic vote.`
Read the full article here.
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New Milestone for 'New Age of Energy Abundance'
Natural gas production in the U.S. set another new monthly record in April according to data released yesterday by the Energy Information Administration. Gross withdrawals of natural gas increased to an all-time high of 78.58 billion cubic feet (Bcf) per day in April, up by 0.54% from the 78.16 Bcf a day in March, and up by almost 7% from production in April last year (see chart above).
This new natural gas production record is another new milestone for the ongoing success of the hydraulic fracturing method of extracting natural gas from deep shale rock that is bringing about a new age of energy abundance in the United States.
Read the full article here.
Natural gas production in the U.S. set another new monthly record in April according to data released yesterday by the Energy Information Administration. Gross withdrawals of natural gas increased to an all-time high of 78.58 billion cubic feet (Bcf) per day in April, up by 0.54% from the 78.16 Bcf a day in March, and up by almost 7% from production in April last year (see chart above).
This new natural gas production record is another new milestone for the ongoing success of the hydraulic fracturing method of extracting natural gas from deep shale rock that is bringing about a new age of energy abundance in the United States.
Read the full article here.
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New facility to produce wonder material from forests and farms
It`s super strong, it`s green and it`s providing new opportunities for business in Alberta. It`s called nanocrystalline cellulose (NCC) and Alberta is about to become a leader in its production and study. A new Edmonton-based pilot facility will be the first in Canada to produce the quality of NCC that researchers need to fully explore all its potential applications.
The $5.5-million pilot plant, created through a collaboration of the provincial and federal governments in partnership with industry under the Western Economic Partnership Agreement (WEPA), will use wood and straw pulp, like that from flax and hemp, to create up to 100 kg per week of NCC for testing in commercial applications leading to production.
Read the full article here.
It`s super strong, it`s green and it`s providing new opportunities for business in Alberta. It`s called nanocrystalline cellulose (NCC) and Alberta is about to become a leader in its production and study. A new Edmonton-based pilot facility will be the first in Canada to produce the quality of NCC that researchers need to fully explore all its potential applications.
The $5.5-million pilot plant, created through a collaboration of the provincial and federal governments in partnership with industry under the Western Economic Partnership Agreement (WEPA), will use wood and straw pulp, like that from flax and hemp, to create up to 100 kg per week of NCC for testing in commercial applications leading to production.
Read the full article here.
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Oil to drive Alberta to top province for economic growth
CALGARY ` Alberta will lead the country in economic growth this year and next year, according to a report released Wednesday by Scotia Economics.
The report says real GDP growth in the province will be 4.2 per cent this year, the highest in the nation, followed by 3.3 per cent growth in 2012, which will tie Saskatchewan as the highest in the country.
Scotia Economics is forecasting Canadian economic growth of 2.7 per cent this year and 2.5 per cent in 2012.
Read the full article here.
CALGARY ` Alberta will lead the country in economic growth this year and next year, according to a report released Wednesday by Scotia Economics.
The report says real GDP growth in the province will be 4.2 per cent this year, the highest in the nation, followed by 3.3 per cent growth in 2012, which will tie Saskatchewan as the highest in the country.
Scotia Economics is forecasting Canadian economic growth of 2.7 per cent this year and 2.5 per cent in 2012.
Read the full article here.
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Calgary Airport Authority starts to sell new logistics park
CALGARY - The Calgary Airport Authority is opening up more land for development on its western edge, building on the region`s growing reputation as a logistics hub.
`It`s all about the economy of Calgary,` Stephan Poirier, the authority`s chief commercial officer, said at the ground breaking ceremony. `It`s all about keeping Calgary moving.`
The 134-hectare second phase of the authority`s global logistics park will contain space for airside and warehouse/distribution operations, as well as commercial sites.
Read the full article here.
CALGARY - The Calgary Airport Authority is opening up more land for development on its western edge, building on the region`s growing reputation as a logistics hub.
`It`s all about the economy of Calgary,` Stephan Poirier, the authority`s chief commercial officer, said at the ground breaking ceremony. `It`s all about keeping Calgary moving.`
The 134-hectare second phase of the authority`s global logistics park will contain space for airside and warehouse/distribution operations, as well as commercial sites.
Read the full article here.
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Oil rises on stock draw, bank forecasts
LONDON (Reuters) - Brent crude climbed for the third day to above $114 on Thursday, boosted by a higher-than-expected drop in U.S. crude stocks and growing investor appetite following bullish oil forecasts from major banks.
U.S. crude oil stocks fell by a more-than-expected 3.2 million barrels, according to the American Petroleum Institute ahead of a second stocks report on Thursday, tightening inventories in the top global oil consumer. <API/S>
Top investment banks Goldman Sachs (GS.N: Quote), Morgan Stanley (MS.N: Quote) and Barclays Capital have all published upbeat forecasts on the outlook for oil fundamentals this week, with some warning of shrinking spare capacity.
Read the full article here.
LONDON (Reuters) - Brent crude climbed for the third day to above $114 on Thursday, boosted by a higher-than-expected drop in U.S. crude stocks and growing investor appetite following bullish oil forecasts from major banks.
U.S. crude oil stocks fell by a more-than-expected 3.2 million barrels, according to the American Petroleum Institute ahead of a second stocks report on Thursday, tightening inventories in the top global oil consumer. <API/S>
Top investment banks Goldman Sachs (GS.N: Quote), Morgan Stanley (MS.N: Quote) and Barclays Capital have all published upbeat forecasts on the outlook for oil fundamentals this week, with some warning of shrinking spare capacity.
Read the full article here.
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Enbridge takes a new stab at West-East oil plan
CALGARY, Alberta (Reuters) - Enbridge Inc is in talks with refiners and Western Canadian oil producers about establishing new pipeline access to Eastern refineries in a revamp of a concept it floated three years ago, an executive said on Wednesday.
The idea is to ship light crude oil to refineries in Quebec and beyond, which pay higher crude costs due to the wide pricing spread between oil on the Atlantic Coast compared with Western Canadian supply, said Richard Bird, Enbridge's chief financial officer.
"There's upwards of a $15 differential between what you can land Western Canadian crude into Eastern Canada for versus what refiners have to pay for Brent-based crude," Bird told Reuters after speaking to an investment conference.
Read the full article here.
CALGARY, Alberta (Reuters) - Enbridge Inc is in talks with refiners and Western Canadian oil producers about establishing new pipeline access to Eastern refineries in a revamp of a concept it floated three years ago, an executive said on Wednesday.
The idea is to ship light crude oil to refineries in Quebec and beyond, which pay higher crude costs due to the wide pricing spread between oil on the Atlantic Coast compared with Western Canadian supply, said Richard Bird, Enbridge's chief financial officer.
"There's upwards of a $15 differential between what you can land Western Canadian crude into Eastern Canada for versus what refiners have to pay for Brent-based crude," Bird told Reuters after speaking to an investment conference.
Read the full article here.
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Calgary house prices to increase by 3.8%: Royal LePage
CALGARY ` A housing price survey says Calgary`s residential real estate market has experienced a `modest` year-over-year decline but prices are expected to rise in the second half of the year.
The Royal LePage House Price Survey and Market Survey Forecast, released Thursday, said detached bungalows have witnessed the largest year-over-year price decreases in the resale market at 2.0 per cent to $411,678. Prices for standard two-storey homes fell 1.6 per cent year-over-year to $415,200, while standard condominiums saw a decrease of 1.1 per cent to $249,022.
Read the full article here.
CALGARY ` A housing price survey says Calgary`s residential real estate market has experienced a `modest` year-over-year decline but prices are expected to rise in the second half of the year.
The Royal LePage House Price Survey and Market Survey Forecast, released Thursday, said detached bungalows have witnessed the largest year-over-year price decreases in the resale market at 2.0 per cent to $411,678. Prices for standard two-storey homes fell 1.6 per cent year-over-year to $415,200, while standard condominiums saw a decrease of 1.1 per cent to $249,022.
Read the full article here.
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Collaboration seen as key to oilsands success
CALGARY ` Oilsands operators can no longer afford to work in isolation, with collaboration between peers and rivals key to being successful in the costly industry, said executives at a Calgary investment conference.
Projects in Alberta`s oilsands are long-term, complex and capital intensive, with challenges to meet labour, technical and infrastructure requirements, Jean Michel Gires, president of Total E&P Canada, said Wednesday.
Despite strong oil prices and growing demand for energy around the globe, companies are facing a new era where individual projects may not be sustainable, Gires said.
Read the full article here.
CALGARY ` Oilsands operators can no longer afford to work in isolation, with collaboration between peers and rivals key to being successful in the costly industry, said executives at a Calgary investment conference.
Projects in Alberta`s oilsands are long-term, complex and capital intensive, with challenges to meet labour, technical and infrastructure requirements, Jean Michel Gires, president of Total E&P Canada, said Wednesday.
Despite strong oil prices and growing demand for energy around the globe, companies are facing a new era where individual projects may not be sustainable, Gires said.
Read the full article here.
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Alberta non-residential housing activity picking up; Edmonton housing cools
Construction has been one of the slower sectors of the provincial economy to emerge from the recession. However the value of permits issued in May suggest non-residential activity will rise in the coming months.
The value of building permits issued in Alberta perked up slightly in May to $1.1 billion, a gain of 22.7 per cent from April and 12.8 per cent from May of last year. The gain was entirely due to a rise in non-residential building permits, which nearly doubled from April to $526.5 million; meanwhile residential permits dipped 8.2 per cent from the month previous to $577.3 million.
Read the full article here.
Construction has been one of the slower sectors of the provincial economy to emerge from the recession. However the value of permits issued in May suggest non-residential activity will rise in the coming months.
The value of building permits issued in Alberta perked up slightly in May to $1.1 billion, a gain of 22.7 per cent from April and 12.8 per cent from May of last year. The gain was entirely due to a rise in non-residential building permits, which nearly doubled from April to $526.5 million; meanwhile residential permits dipped 8.2 per cent from the month previous to $577.3 million.
Read the full article here.