July 2013 Alberta Economic Fundamentals
- Thread starter Ally
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Solid Alberta economy
The clouds of uncertainty that gathered over Alberta`s economic outlook late in 2012 and early 2013 have cleared to a fair extent in more recent months and no longer dim the province`s very bright prospects.
We expect the economic boom in the province to continue largely unabated this year with real GDP growing at a rate of 3.0%, down only modestly from an estimated 3.8% last year. While the most powerful engine of growth will remain to be activity from or related to the oil and gas sector, the economic expansion clearly is spreading to a wide range of industries.
Read the full article here.
The clouds of uncertainty that gathered over Alberta`s economic outlook late in 2012 and early 2013 have cleared to a fair extent in more recent months and no longer dim the province`s very bright prospects.
We expect the economic boom in the province to continue largely unabated this year with real GDP growing at a rate of 3.0%, down only modestly from an estimated 3.8% last year. While the most powerful engine of growth will remain to be activity from or related to the oil and gas sector, the economic expansion clearly is spreading to a wide range of industries.
Read the full article here.
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Alberta poised for speedy post-flood recovery
TORONTO`TD Bank says Alberta`s economy will likely be quick to rebound from the flooding that has swamped Calgary and other parts of the province, although it says there are several unpredictable factors that could affect the recovery.
The bank`s economic unit estimates that between $500 million and $1.5 billion will be subtracted from Alberta`s output this month`about 0.3 per cent of the province`s GDP`but predicts that shortfall will be made up in July.
Read the full article here.
TORONTO`TD Bank says Alberta`s economy will likely be quick to rebound from the flooding that has swamped Calgary and other parts of the province, although it says there are several unpredictable factors that could affect the recovery.
The bank`s economic unit estimates that between $500 million and $1.5 billion will be subtracted from Alberta`s output this month`about 0.3 per cent of the province`s GDP`but predicts that shortfall will be made up in July.
Read the full article here.
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Flood recovery will test Calgary's already tight rental market
As Calgarians clean up flood-damaged properties, there`s concern the disaster has shrunk the city`s already tight rental housing market.
Building repairs may help remedy the problem in the short term, but Mayor Naheed Nenshi and others say there`s a need for policy fixes in the longer term.
Read the full article here.
As Calgarians clean up flood-damaged properties, there`s concern the disaster has shrunk the city`s already tight rental housing market.
Building repairs may help remedy the problem in the short term, but Mayor Naheed Nenshi and others say there`s a need for policy fixes in the longer term.
Read the full article here.
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Greening Fort Mac
The centres of Alberta's leading economic engine - both the city and the oilsands that sustain it - are heading for a major facelift.
As Syncrude Canada Ltd. moves to re-green and reclaim the natural landscape of the oilpatch, the downtown of Canada's boomtown is in full revitalization mode - one that could see a new arena/sports and entertainment centre built along Franklin Avenue in Fort McMurray. And that's just for starters in a robust young city that is already the fifth-largest in Alberta.
Read the full article here.
The centres of Alberta's leading economic engine - both the city and the oilsands that sustain it - are heading for a major facelift.
As Syncrude Canada Ltd. moves to re-green and reclaim the natural landscape of the oilpatch, the downtown of Canada's boomtown is in full revitalization mode - one that could see a new arena/sports and entertainment centre built along Franklin Avenue in Fort McMurray. And that's just for starters in a robust young city that is already the fifth-largest in Alberta.
Read the full article here.
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Edmonton's office vacancy rate perfectly balanced
EDMONTON - Both tenants and landlords have reason to smile at Edmonton`s office market, according to a new report.
The city has an overall office vacancy rate of 8.7 per cent, with downtown at 7.2 per cent and suburbs at 11.3 per cent, according to Avison Young`s second quarter 2013 Edmonton office market report.
Read the full article here.
EDMONTON - Both tenants and landlords have reason to smile at Edmonton`s office market, according to a new report.
The city has an overall office vacancy rate of 8.7 per cent, with downtown at 7.2 per cent and suburbs at 11.3 per cent, according to Avison Young`s second quarter 2013 Edmonton office market report.
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Hundreds of Calgarians face months with no permanent home
The City of Calgary plans to lift its state of local emergency Thursday morning but, for many people, the cleanup and recovery is far from over, the mayor said.
`There are a lot of our neighbours and friends who have been absolutely devastated by this,` said Mayor Naheed Nenshi in Wednesday`s afternoon update from the Emergency Operations Centre. `Their personal recovery will be long and difficult.`
Read the full article here.
The City of Calgary plans to lift its state of local emergency Thursday morning but, for many people, the cleanup and recovery is far from over, the mayor said.
`There are a lot of our neighbours and friends who have been absolutely devastated by this,` said Mayor Naheed Nenshi in Wednesday`s afternoon update from the Emergency Operations Centre. `Their personal recovery will be long and difficult.`
Read the full article here.
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Condo ownership on the rise in Calgary
CALGARY ` More Calgarians will be looking to buy a condo in the coming years, says a new report by BMO Bank of Montreal released Wednesday.
The report, conducted by Pollara, examined intentions to buy property in the next five years among homeowners in four of Canada`s major city centres, and revealed that in Calgary prospects for condos among homebuyers has risen eight points from the fall (33 per cent versus 25 per cent) while intent to buy a traditional home has dropped from 71 per cent to 58 per cent.
Read the full article here.
CALGARY ` More Calgarians will be looking to buy a condo in the coming years, says a new report by BMO Bank of Montreal released Wednesday.
The report, conducted by Pollara, examined intentions to buy property in the next five years among homeowners in four of Canada`s major city centres, and revealed that in Calgary prospects for condos among homebuyers has risen eight points from the fall (33 per cent versus 25 per cent) while intent to buy a traditional home has dropped from 71 per cent to 58 per cent.
Read the full article here.
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Calgary flood victims eligible for up to $10k
Calgarians whose property was damaged or destroyed during the flood last month can now apply for up to $10,000 in initial disaster recovery funding.
Applications for the provincial assistance are being accepted at the Red and White Club at McMahon Stadium and at the Roderick Mah Centre for Continuous Learning at Mount Royal University.
Read the full article here.
Calgarians whose property was damaged or destroyed during the flood last month can now apply for up to $10,000 in initial disaster recovery funding.
Applications for the provincial assistance are being accepted at the Red and White Club at McMahon Stadium and at the Roderick Mah Centre for Continuous Learning at Mount Royal University.
Read the full article here.
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With no money for access roads, Fort McMurray faces stalled subdivision growth
FORT MCMURRAY ` It`s already tough to buy a house here, but it could get much worse. For the next two years, there may be no new lots for sale after provincial funding fell through for road improvements to new subdivisions.
The booming city needs about 600 single family lots a year, but two new subdivisions ready to meet that demand were put on hold this spring because of inadequate road access to highways 63 and 69.
Read the full article here.
FORT MCMURRAY ` It`s already tough to buy a house here, but it could get much worse. For the next two years, there may be no new lots for sale after provincial funding fell through for road improvements to new subdivisions.
The booming city needs about 600 single family lots a year, but two new subdivisions ready to meet that demand were put on hold this spring because of inadequate road access to highways 63 and 69.
Read the full article here.
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Alberta, Yukon best for jobs
If you want to get a job and keep it, look to the northwest. If it's growth potential you are after, consider a career in selling, rather than making.
Either way, the more education you have, the better your chance of success in the country's labour market. And so far, it still helps to be a man.
Read the full article here.
If you want to get a job and keep it, look to the northwest. If it's growth potential you are after, consider a career in selling, rather than making.
Either way, the more education you have, the better your chance of success in the country's labour market. And so far, it still helps to be a man.
Read the full article here.
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Calgary home buyers, sellers in muddy waters after flood
For people buying or selling a home, having the property flood in the midst of a transaction can create a whole new set of headaches.
Who's responsible for the cleanup? Whose insurance to use? What happens on the date of possession?
Read the full article here.
For people buying or selling a home, having the property flood in the midst of a transaction can create a whole new set of headaches.
Who's responsible for the cleanup? Whose insurance to use? What happens on the date of possession?
Read the full article here.
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Alberta construction at 5-year high
CALGARY ` New home construction picked up in the Calgary region in May with Alberta`s level at a five-year high.
It`s a sign that the housing market is heating up.
Canada Mortgage and Housing Corp. reported Monday that total starts in the Calgary census metropolitan area reached 1,078 units during the month, which was an increase from 949 in May 2012.
Read the full article here.
CALGARY ` New home construction picked up in the Calgary region in May with Alberta`s level at a five-year high.
It`s a sign that the housing market is heating up.
Canada Mortgage and Housing Corp. reported Monday that total starts in the Calgary census metropolitan area reached 1,078 units during the month, which was an increase from 949 in May 2012.
Read the full article here.
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Calgary house prices expected to grow
CALGARY ` Short-term year-over-year price growth expectations for Calgary`s resale housing market are in the three to 4.9 per cent range, says the Conference Board of Canada.
The board, which released its latest resale market report on Thursday, said Calgary is a balanced market with the seasonally-adjusted annual rate of sales in May at 29,640 units, up 2.2 per cent from the previous month and an increase of 6.3 per cent year-over-year.
Read the full article here.
CALGARY ` Short-term year-over-year price growth expectations for Calgary`s resale housing market are in the three to 4.9 per cent range, says the Conference Board of Canada.
The board, which released its latest resale market report on Thursday, said Calgary is a balanced market with the seasonally-adjusted annual rate of sales in May at 29,640 units, up 2.2 per cent from the previous month and an increase of 6.3 per cent year-over-year.
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Mayor Nenshi achieves Superman status
The face of Calgary Mayor Naheed Nenshi with his Clark Kent glasses has been superimposed on Superman posters by grateful citizens in his flood-stricken city.
Ads for the new movie "Man of Steel" have pictures of his head on them. Other posters are suggesting: "Keep Calm and Nenshi On." His smiling face, with goggles and snorkel, is appearing on T-shirts.
Read the full article here.
The face of Calgary Mayor Naheed Nenshi with his Clark Kent glasses has been superimposed on Superman posters by grateful citizens in his flood-stricken city.
Ads for the new movie "Man of Steel" have pictures of his head on them. Other posters are suggesting: "Keep Calm and Nenshi On." His smiling face, with goggles and snorkel, is appearing on T-shirts.
Read the full article here.
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McMurray renting prices highest in nation
Fort McMurray rents are highest in the country and rising.
The Canada Mortgage and Housing Corporation`s spring Rental Market Survey shows average rent in the Wood Buffalo area in April 2013 has increased 6.8% to $2,229 per month for a two-bedroom apartment, the highest of any metropolitan or large census areas. With no new rental starts in the last year and increasing growth in employment, that number is not expected to drop any time soon.
Read the full article here.
Fort McMurray rents are highest in the country and rising.
The Canada Mortgage and Housing Corporation`s spring Rental Market Survey shows average rent in the Wood Buffalo area in April 2013 has increased 6.8% to $2,229 per month for a two-bedroom apartment, the highest of any metropolitan or large census areas. With no new rental starts in the last year and increasing growth in employment, that number is not expected to drop any time soon.
Read the full article here.
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Alberta government commits $5 billion to TransCanada's proposed Energy East pipeline
CALGARY ` Alberta is putting its money where its mouth is, agreeing to pay up to $5-billion over 20 years to get crude to Canada`s East Coast.
The province has signed a memorandum of understanding to take up to 100,000 barrels-a-day of firm capacity on TransCanada Corp.`s proposed Energy East pipeline, the energy ministry said in its annual report.
Read the full article here.
CALGARY ` Alberta is putting its money where its mouth is, agreeing to pay up to $5-billion over 20 years to get crude to Canada`s East Coast.
The province has signed a memorandum of understanding to take up to 100,000 barrels-a-day of firm capacity on TransCanada Corp.`s proposed Energy East pipeline, the energy ministry said in its annual report.
Read the full article here.
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Edmonton housing starts taper off after torrid 2012
EDMONTON - After an impressive 2012, the Edmonton housing market will see some moderation for 2013 as new housing starts are projected to decline, according to the Canada Mortgage and Housing Corporation.
`This year we are projecting a little bit of a pullback,` said Lai Sing Louie, regional economist with the federal agency.
Read the full article here.
EDMONTON - After an impressive 2012, the Edmonton housing market will see some moderation for 2013 as new housing starts are projected to decline, according to the Canada Mortgage and Housing Corporation.
`This year we are projecting a little bit of a pullback,` said Lai Sing Louie, regional economist with the federal agency.
Read the full article here.
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Oil provinces young workers hold edge
Over the last 30 years, young Canadians living in oil-producing provinces have had higher-paying jobs, more full-time jobs and lower unemployment rates than their counterparts in other provinces, according to a Statistics Canada survey released Thursday.
While their full-time employment rate declined and their unemployment rate went up between 1981 and 2012, young working-age males in oil-producing provinces enjoyed a significant advantage over those in nonoil-producing provinces
Read the full article here.
Over the last 30 years, young Canadians living in oil-producing provinces have had higher-paying jobs, more full-time jobs and lower unemployment rates than their counterparts in other provinces, according to a Statistics Canada survey released Thursday.
While their full-time employment rate declined and their unemployment rate went up between 1981 and 2012, young working-age males in oil-producing provinces enjoyed a significant advantage over those in nonoil-producing provinces
Read the full article here.