July 2014 Alberta Economic Fundamentals

Ally

Research Assistant
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Calgary luxury home market on pace for another record year





CALGARY - Demand for top-tier real estate in Calgary remained strong in the first half of this year, bolstered by the city`s thriving economy, the strength of its oil and gas sectors, low unemployment rates, high average net incomes and strong net migration, says a report released Tuesday by Sotheby`s International Realty Canada.





The Top-Tier Real Estate Report said Calgary`s $1 million-plus sales grew 17 per cent compared to the first half of 2013, as limited inventory of homes in the luxury market resulted in significant declines in the number of days for sale on the market and notable increases in the percentage of homes sold over asking price.





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Ally

Research Assistant
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Calgary home prices surge higher in the second quarter





CALGARY, July 9, 2014 /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 9.7 per cent to $501,200 and condominiums also saw a healthy increase of 9.3 per cent to $286,422. Standard two-storey homes also realized healthy gains, increasing by 7.9 per cent to $489,589.





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Ally

Research Assistant
Registered
LRT a boon to nearby Edmonton homeowners





As we enjoy (and endure) a megaproject, city-building frenzy like we haven`t seen since the 1970s, Edmontonians could be forgiven for asking a few impatient questions.





Will the construction ever stop? Will the traffic never cease? And how many dump trucks does this town HAVE, anyway?





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Ally

Research Assistant
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Alberta has lion's share of Canadian billion-dollar firms





CALGARY - Alberta accounts for just over 11 per cent of Canada`s population but it is home to nearly 31 per cent of the country`s billion-dollar firms, says a study released Wednesday by the Centre for Digital Entrepreneurship and Economic Performance.





Of the country`s 169 public billion-dollar firms, 52 are based in Alberta and the report said the province has nearly 3.2 times as many of these firms as Ontario on a per capita basis.





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Ally

Research Assistant
Registered
Edmonton could hit 2.1 million by 2041





Edmonton`s population is set to increase by one million people in the next three decades, the province believes, but the real growth may be hiding outside the city limits.





The Alberta government`s population projection report suggests the provincial head count could top 6.2 million by 2041, with Edmonton and Calgary accounting for the bulk of the extra numbers.





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Ally

Research Assistant
Registered
Calgary and area projected to hit 2.4 million by 2041





Calgary`s population is set to increase by nearly one million people in the next three decades, the province believes, but the real growth may be hiding outside city limits.





The Alberta government`s population projection report is picking the provincial head count to top 6.2 million by 2041, with Calgary and Edmonton accounting for the bulk of the extra numbers.





Read the full article here.
 

Ally

Research Assistant
Registered
Edmonton housing prices on the rise





EDMONTON - It`s a seller`s market in the city, as Edmonton`s growing middle class and strong economy have led to a boost in both price and demand for housing.





Condominium prices have increased the most, according to a report from real estate company Royal LePage. The average price of a condo in Edmonton has increased 7.8 per cent year-over-year to $236,429, while two-story homes also increased 3.8 per cent, to $372,112. Detached bungalows took a hit, dropping 0.2 per cent year-over-year to $350,401.





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Ally

Research Assistant
Registered
Alberta economy hot, but nothing like the boom of 2006-2007





CALGARY - Alberta`s economy is hot and inflation is clearly warming up, but we`re not yet at the point where massive upward wage and price pressure in the province will debilitate the economy, says a special report by BMO Capital Markets.





`In many areas, such as housing, commercial real estate and the labour market, the supply side has had much more time to respond to strong demand than during the overnight boom experienced through 2007 ` and that might be a good thing,` said the report by senior economist Robert Kavcic.





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Ally

Research Assistant
Registered
Multi-family units lead surge in Calgary housing starts





CALGARY - Housing starts in the Calgary region ballooned in June thanks to a stunning increase in the multi-family sector, according to Canada Mortgage and Housing Corp.





The agency said Wednesday that total starts rose to 2,407 units in the Calgary census metropolitan area from 912 last year - or a hike of 163.9 per cent.





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Ally

Research Assistant
Registered
Calgary industrial real estate market thriving





CALGARY - All signs are pointing to a robust and thriving industrial real estate market for Calgary in 2014 and 2015 with more development expected in the future, says a new report.





`Leading economic indicators have remained positive and Calgary`s economy is building substantial momentum,` said commercial real estate firm Cushman & Wakefield. `With over one million square feet of new construction completions expected within one year, it is anticipated that strong leasing activity and absorption will support the upward pressure on lease rates and property values.





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Ally

Research Assistant
Registered
GP rental crunch a challenge





With the Grande Prairie`s vacancy rate sitting at 1.3% as of October 2013 according to CHMC (Canada Home and Mortgage Corporation), it probably doesn`t come as surprise that finding housing in the Swan City can be tricky.





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Ally

Research Assistant
Registered
Calgary and Alberta leaders for job creation





CALGARY - Calgary and Alberta went against the national trend in job creation in June, according to Statistics Canada.





While overall employment dipped across the nation during the month, it rose in the Calgary census metropolitan area and in Alberta.





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Ally

Research Assistant
Registered
Vacancy rates for senior's housing running high





For empty-nest seniors ready to sell their home, there`s plenty of options in Alberta.





The vacancy rate at seniors` housing facilities remains above 16 per cent province-wide, according to an annual report from the Canada Housing and Mortgage Corp. And the average rent ` including some basic personal services ` is $2,544 per month outside the major cities.





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Ally

Research Assistant
Registered
Alberta bucks national trend in employment





Labour shortages remain a concern in Alberta as employment levels rose in June while the rest of the country absorbed a surprisingly steep loss of jobs linked to a decline in the value of the Canadian dollar.





While overall employment dipped across the nation during June, it rose in the Calgary census metropolitan area and in the rest of Alberta.





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Ally

Research Assistant
Registered
Calgary ranked Canada's fourth most expensive city in cost of living survey





TORONTO - Calgary is the fourth most expensive Canadian city to live in, falling behing Vancouver, Toronto and Montreal, according to an annual cost of living survey.





Overall, however, Canadian cities have dropped down the list significantly in this year's Mercer's 2014 Cost of Living Survey ranking compared with other places worldwide, because of the weakened Canadian dollar and slower pace of price increases compared with New York, the survey's base city.





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Ally

Research Assistant
Registered
Calgarians buy near new Oilers arena in Edmonton





The president and chief executive of Calgary-based Mainstreet Equity Corp.
has been actively consolidating property in the arena district, the site of a
future home for Edmonton`s underperforming National Hockey League team.






`It`s very logical,` said Dhillon. `The Mainstreet story is mid-market, add
value in the right geographic city and within the right geographic city you pick
the right geographic location.`





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Ally

Research Assistant
Registered
Calgary leads new home price climb





CALGARY - The Calgary region led the nation with the highest price climb for new homes in May, according to Statistics Canada.





The New Housing Price Index, released Thursday, indicated that prices in the Calgary census metropolitan area rose by 0.8 per cent on a monthly basis and by 7.6 per cent year-over-year.





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Ally

Research Assistant
Registered
Record activity in housing market just outside of Calgary





CALGARY - The heat from Calgary`s sizzling resale housing market is reaching out to communities outside the city as Airdrie, Okotoks and Cochrane have experienced record MLS sales.





In a report released Wednesday, the Calgary Real Estate Board said housing activity in Calgary`s surrounding communities continued at a brisk pace with record-setting quarterly sales in those three centres.








Read the full article here.
 

Ally

Research Assistant
Registered
Edmonton housing prices on the rise





EDMONTON - It`s a seller`s market in the city, as Edmonton`s growing middle class and strong economy have led to a boost in both price and demand for housing.





Condominium prices have increased the most, according to a report from real estate company Royal LePage. The average price of a condo in Edmonton has increased 7.8 per cent year-over-year to $236,429, while two-story homes also increased 3.8 per cent, to $372,112. Detached bungalows took a hit, dropping 0.2 per cent year-over-year to $350,401.





Read the full article here.
 

Ally

Research Assistant
Registered
Alberta workplace injury rates hit an all-time recorded low





The rate of Alberta workers being hurt on the job dropped in 2013, according to information provided by the Workers` Compensation Board (WCB). In fact, the lost-time claim (LTC) rate is now at an all-time recorded low.here.
 
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