July 2013 Alberta Economic Fundamentals

[Ally]

Heartland upgrader may find new life




EDMONTON - A mothballed upgrader in Strathcona County may yet be revived despite a major setback to the builder, Value Creation, which just lost half its bitumen reserves in the Fort McMurray area.




If the partially built Heartland upgrader can be revived, hundreds of jobs in the capital region and millions in government revenue will follow, says Strathcona County Mayor Linda Osinchuk, whose council is championing a new value-added strategy for oilsand bitumen.





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[Ally]

New standards for rebuilding in Alberta flood fringe zones





CALGARY -- New minimum standards were introduced by the province Sunday for mitigating homes and businesses in flood fringe zones.



Expected to add about 15% to the cost of mitigating each home -- which government officials roughly estimate at around $10,000 on average -- the new standard calls for using water-resistant materials that can be cleaned easily for mitigation, while openings in basements where piping, wiring and conduits come through must be sealed.





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[Ally]

Fort Mac evicts oil sands companies




The Canadian town of Fort McMurray, population 76,000, is the heart of Alberta`s oil sands largesse`but the town is bursting at its seams with nowhere to expand because the land surrounding it is owned by oil companies.




The government`s answer to this is to cancel all the leases on 22,000 hectares of land surrounding Fort McMurray`effective immediately.





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[Ally]

Calgary's commercial real estate market remains red hot




In the not too distant future the city`s skyline will have a much different look.




Manulife has announced it`s going to build a 27 storey office tower downtown on 7th Avenue and 5th Street southwest.




Manulife already owns and manages eight properties in the city.





Read the full article here.