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July 2013 Alberta Economic Fundamentals

Ally

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Bitumen bubble bursts




The so-called "bitumen bubble," which was used to justify provincial cuts this spring, has burst, as Alberta bitumen passed the $85 per barrel mark this week.




That's almost double what Alberta was getting for its raw bitumen in January, when prices were about $45 per barrel. And since all prices are based on U.S. dollars, and the loonie has dropped in value compared to its American counterpart, Thursday's price of $85.50 looks even sweeter





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Calgary home prices continue to rise




CALGARY, July 9, 2013 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed strong year-over-year price increases across all housing types surveyed in Calgary.




Detached bungalows increased by 5.9 per cent to $457,889, and condominiums also saw a healthy increase of 6.0 per cent, to $261,933. Standard two-storey homes realized the greatest gains, increasing by 6.7 per cent to $453,789.





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Edmonton homes continue to see price growth




EDMONTON, July 9, 2013 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed year-over-year price increases across all housing types surveyed in Edmonton.




Standard two-storey homes posted a modest year-over-year increase of 2.2 per cent to $361,636, and condominiums increased by 1.9 per cent to $204,755. Detached bungalows were the strongest performer, rising 5.9 per cent to $347,344.





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Calgary luxury home sales booming in July




CALGARY ` Flood-ravaged victims in some of the city`s worst hit neighbourhoods may be fuelling a current boom in luxury home sales.




The city has already experienced a first ` four homes selling in one month for more than $4 million.





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Edmonton renters pass on low-end digs




The City of Edmonton has extended a $3 million grant program to encourage low-cost secondary suites in private homes, but the real demand in the city is not for cheap rentals.




A recent Canada Mortgage and Housing Corp. (CMHC) survey found that, in a city where the overall rental vacancy rate is 1.7 per cent, the vacancy rate in units that rent for less than $750 per month is approaching 3.5 per cent and was as high as 5.5 per cent a year ago.





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Alberta to lead Canada's economic growth in 2014




CALGARY ` Alberta is expected to lead the country in economic growth next year, according to a new report released Wednesday by TD Economics.




The report said Alberta`s Real GDP growth will be 3.6 per cent in 2014 following a 2.8 per cent hike this year. Economic growth in the province in 2013 will be behind only Newfoundland & Labrador`s nation-leading 4.5 per cent increase.





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Grande Prairie market thriving despite mortgage rule changes




You may have fewer years to pay back your mortgage after the new rules came into effect last year, but that bullet barely had an impact on the real estate market in Grande Prairie.




The new rules that came into play have decreased the amount of time a homebuyer has in which to pay back their mortgage from 30 years to 25 years. This means a higher monthly payment.





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Edmonton vacancy rate tumbles to historic lows




Nicole Guilbault, her boyfriend and two kids are running out of time.




Her family, including a 20-day-old newborn, need to be out of their townhouse on Aug 1.




Despite a steady income now, past credit problems are making finding a place near impossible.





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Rental crunch in Calgary





Finding affordable rental accommodation in Calgary has been a difficult task for years, but June`s flooding has potential tenants at the mercy of a hot rental market. Many people looking for an apartment say they're not getting a chance to make an offer before the property is snatched up.




`You find 50 people there or in some places you don't find the place at all, you go in and they go oh it's taken or they call you before you set your feet into the house and say it's taken,` says Thereas Tong, who was displaced from her home by recent flooding.`




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Rental Crunch in Calgary




Finding affordable rental accommodation in Calgary has been a difficult task for years, but June`s flooding has potential tenants at the mercy of a hot rental market. Many people looking for an apartment say they're not getting a chance to make an offer before the property is snatched up.




`You find 50 people there or in some places you don't find the place at all, you go in and they go oh it's taken or they call you before you set your feet into the house and say it's taken,` says Thereas Tong, who was displaced from her home by recent flooding.`



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Alberta flood-area building rules may change, says Redford




The Alberta government may adopt new rules to deal with building in flood-prone areas, Premier Alison Redford said Thursday.





`It doesn`t matter where you live in this province, we cannot continue, as a provincial government, to say to people, `It`s okay to build in a floodway` ` it`s not the right decision,` said Redford.





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Province gives nod to Laricina's $520 million project




Calgary-based private oilsands producer Laricina Energy Ltd. confirmed Wednesday it has passed provincial muster and can build its Saleski Phase 1, a $520-million project that aims to have 12,500 barrels per day of bitumen capacity by late 2015.




`We`re pretty proud of it,` said Glen Schmidt, president and chief executive of Laricina, in an interview. `Like our first assignment of reserves, it`s in a way an endorsement of the commercialization of the formation.`





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Landlords helping homeless find affordable housing in Calgary




Private landlords are teaming up with Calgary`s non-profit sector to make it easier to find stable housing for people emerging from homelessness.




The Calgary Residential Rental Association is challenging its members to make 500 units available for social agencies to place their clients over the next year.





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Edmonton housing trends




Edmonton has avoided an economic meltdown while other provinces were trying to stay afloat. Edmonton has survived the storm because of its largely diverse economy says KANETIX. Real estate investors and Albertans are trying to keep a close eye on the housing market to decide when the best time to take advantage of housing prices is. Although Albertans are trying to predict housing market trends, it is proving to be a difficult task, more so than other Canadian cities.




Real estate is often viewed as a lagging indicator of the economy, and in Edmonton, this is no different. The economy in Edmonton is rather diverse, and it is largely based on oil and gas, petrochemicals, trade, commerce, and other industries. In fact, several thousand new jobs have been created within the last year in the Edmonton area. It is important to note, however, that while other areas of Canada may have an economy that is improving after the recession, the economy in Edmonton did not take a serious hit during this time. Therefore, while there is a strong economy in place, there is technically no economic recovery that is driving housing prices.





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Province bans future development in floodways




EDMONTON - In the wake of the largest flood in Alberta history, the Tory government announced Sunday a sweeping plan to move homes and businesses out of the areas most in danger and to flood-proof other areas at risk.




But many of the details of the province`s initiative have yet to be nailed down, and the impact on communities is still uncertain.





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Alberta's flood hazard mapping




Flood hazard mapping delineates flood hazard areas along streams and lakes using design flood levels established as part of flood hazard studies. Flood hazards have not been identified in all communities and may exist in areas without flood hazard studies or mapping.




The Flood Hazard Map Application
http://http://www.envinfo.gov.ab.ca/FloodHazard uses GIS technology to display flood hazard mapping prepared for Alberta communities under the Flood Hazard Identification Program.





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Alberta to help victims in flood zones one last time






The Alberta government says it will pay to help flood victims rebuild outside flood zones or protect their homes from future floods, but it warns the offer won`t be the same the next time rivers rise.




The province announced on Sunday that it would provide funding from its disaster recovery program for homeowners to rebuild or relocate to new locations outside flood risk areas.





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Alberta unveils new flood-proofing rules




The province has created new flood-mapping standards in the hopes of preventing future flood events in Alberta.




The new rules categorize areas in high-risk flood zones as being in either the floodway (red zone) or flood fringe (pink area).





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Calgary price growth for repeat home sales among best in Canada




CALGARY ` Calgary price growth for repeat home sales was among the best in Canada in June, according to the latest Teranet-National Bank National Composite House Price Index.




On a year-over-year basis, prices in the city rose by 5.5 per cent ` behind only Hamilton (7.0 per cent) and Quebec City (5.6 per cent).





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Calgary realtors see 'crazy' rush of homebuyers after flood




CALGARY ` Last month`s record floods are driving up demand for homes as both displaced millionaires from posh neighbourhoods that were flooded and former renters jump into the market, Calgary realtors say.




`What I`ve been seeing is a crazy amount of activity, as far as buyers go,` said Thomas Keeper of Tink International Real Estate.



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