Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

June 2012 Alberta Economic Fundamentals

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Calgary rents creeping up again




It could soon be more difficult to find a place to live in Calgary. The city's resurging economy is starting to have an impact on the rental market with vacancy rates edging down and rents gradually increasing. Gerry Baxter, Executive Director of the Calgary Residential Rental Association, says over the last 8 months or so the vacancy rate in our city has slowly fallen to around 2 or 3 percent. He says many landlords are "nearing capacity", which is much different that it was a couple of years ago. Baxter says company relocations to Calgary and the availability of jobs are bringing more people here, which is forcing the vacancy rate down. However, he's quick to point out that there are still a lot of units available, but notes some are seeing modest rent hikes.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Calgary's new chief planner, Rollin Stanley, want's Calgary growing 'up,' not 'out'





When you find a planning bureaucrat extolling the virtues of parking shortages, normally it's in an unguarded remark after the third pint with peers, or perhaps an off-script moment in a conference speech.




Not when it's Rollin Stanley. That utterance is on his official government blog. Actually, it's the motto:




"No place is worth visiting that doesn't have a parking problem."




Stanley, a man with an equally vocal disdain for one-way streets, drive-thrus and strip malls - and, to some extent, suburbs and opponents - starts today as Calgary's top planning official.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Alberta booming again as it's forecast to lead the country in economic growth





CALGARY ` Alberta will be the country`s leader in economic and employment growth in the next two years, says a report released Tuesday by RBC Economics.




The report said Alberta will see real GDP growth of 4.0 per cent this year followed by 3.9 per cent next year while employment growth will be 2.8 per cent this year and 2.6 per cent in 2013.




The province will top all provinces in both categories in each of the two years with the exception of GDP growth in 2013 which will tie it for the best in the country with Saskatchewan.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
U.S. leads international influx at Calgary's global petroleum show





A strong economy and business-friendly government is attracting more international exhibitors to Calgary's biannual Global Petroleum Show than before, with the biggest exhibit flying the Stars and Stripes.




Companies from the United States have come in record numbers to showcase their wares and technologies during the three-day event high-lighting oil and gas technology, being held at Stampede Park, just east of downtown.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Oil sands firms test alternative way to tap bitumen







When a group of Harris Corp. employees in Florida began working to develop new technologies for the oil sands industry, they got off to a shaky start. In their first brainstorming session, they pronounced bitumen, the tar-like substance in the oil sands that is transformed into crude, `by-TOO-men.`






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Report warns of drop in oil sands R&D





The federal government has ratcheted back its support for industrial research and development just as oil sands companies are gearing up their effort to find innovative ways to cut costs and improve environmental performance.





In his March budget, Finance Minister Jim Flaherty announced a major shift in the way Ottawa encourages business R&D ` with more grants and fewer tax breaks ` amid criticism that the existing system was largely ineffective.





But in a report to be released Thursday, Deloitte & Touche LLP says the federal moves `risk putting Canada out of favour with multinationals trying to attract and deploy investment capital in our industries.`






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
BC economy to boast healthy growth this year: RBC





OTTAWA ` Canada`s recovery is getting a vote of confidence from economists at the Royal Bank, who in a new report judge the economy sufficiently resilient to withstand turbulence from abroad.




The RBC`s new quarterly forecast anticipates the economy will rebound to 3.1 per cent growth this quarter, which ends in June, and record a 2.6 per cent gain in gross domestic product overall for both 2012 and 2013.




But fresh data from the Conference Board suggests headwinds from abroad are already impacting Canada`s corporate sector.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Fort McMurray has lots of rental units, but you'll pay a steep price





When it comes to Alberta`s housing rental market, business is booming almost everywhere but the one place you would expect: Fort McMurray.




A spring survey released Tuesday by the Canada Mortgage and Housing Corp. shows the vacancy rate for rental units in Wood Buffalo soared to a province high 10.8 per cent in April, up from 6.2 per cent a year earlier. The region was one of only two of 17 surveyed in Alberta where the vacancy rate is increasing, with Lethbridge being the other.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Rental market heats up in Grande Prairie



Finding an apartment to rent in Grande Prairie is tougher than last year.





Canada Mortgage and Housing Corporation's stats show the vacancy rate in Grande Prairie registered the biggest drop in the province at 4.4-percent, leaving the vacancy rate here at 1.1-percent -- the lowest in the five major population centres in Alberta.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Demand for Calgary office space remains strong




CALGARY ` Demand for downtown office space is expected to remain strong through 2012, even if it`s unlikely to match last year`s frenzied pace.




`At this point, all of the economic indicators are still very, very strong,` said Todd Hirsch, senior economist with ATB Financial, who spoke Tuesday at the Calgary Real Estate Leasing Conference. `We look at that office-space vacancy and how it`s come down. We look at the building permits, they`ve been picking up. Everything at this point, the momentum is all moving in the right direction.`




The one threat, he said, is a continual slide in oil prices that could soften demand.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Edmonton's First & Jasper development fully leased




Office space at the First & Jasper development in downtown Edmonton is now fully leased.




Technical professional consulting firm Jacobs Canada Inc. has agreed on a lease with building owner GE Canada Real Estate for 96,000 square feet of the former Epcor Tower.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Edmonton's strong economic growth resulting in righter rental market: CMHC




EDMONTON - Justin Ouimet has spent the past five months looking for new home in west Edmonton. `It`s been a long time trying to find a place I can afford,` Ouimet said Tuesday.




`I`ve been trying to move to the west side so badly because my fiancee and daughter live out there right now. They are living with her parents right now because my fiancee needs extra support from her mom because she had a very tough pregnancy.`





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Calgary rentals: What you can get for $1,100 in the inner city




As reported by the Canada Mortgage and Housing Corp., the apartment rental vacancy rate in the Calgary region continues to decline. Including new and existing structures, the average two-bedroom apartment rent in the Calgary CMA reached $1,113 in April. Here's what you can get for around that price in the inner-city areas of Calgary, as listed on rentfaster.ca.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Calgary house surge in May leads country





CALGARY ` Calgary`s resale housing market had the highest year-over-year sales growth in May compared with other major centres across the country, according to the Canadian Real Estate Association.




In releasing its monthly MLS data on Friday, CREA said the Calgary market had 2,982 sales during the month, up a stunning 34.4 per cent from a year ago. Nationally, sales of 53,068 were 9.0 per cent higher than a year ago.




Calgary`s average MLS sale price jumped by 3.2 per cent to $429,459 while across Canada the average price dipped 0.3 per cent to $375,605.




Robert Kavcic, an economist with BMO Capital Markets, said sales activity at the national level `has clearly mellowed.`






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Elevated levels forecast for Calgary's housing market





CALGARY ` Strong economic conditions will continue to push the Calgary region`s housing market in an upward direction this year, according to a new report released Thursday by Canada Mortgage and Housing Corp.




In the CMHC`s Spring 2012 Calgary Housing Market Outlook, total housing starts in the Calgary census metropolitan area are forecast to reach 11,600 units in 2012, up from 9,292 units in 2011. Next year, a slight moderation to housing starts is expected with 11,400 units.




`Both single-detached and multi-family builders are expected to produce more units in 2012, with the apartment segment seeing the largest gains in new construction. Improved job creation, rising incomes, increased net migration, and low mortgage rates will support housing demand in 2012 and in the following year,` said Richard Cho, senior market analyst in Calgary for the CMHC.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Alberta leads country in median income





CALGARY ` Alberta led all provinces in 2010 with the highest median after-tax income for families of two or more people.




Statistics Canada reported Monday that the median income in Alberta was $78,100 followed by Saskatchewan at $70,100 and Ontario at $69,300.




Nationally, the median after-tax income was $65,500.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Recreational property market in Alberta sees price decline





CALGARY ` While strong economic performance has bolstered residential real estate activity in Alberta to date, recreational markets are still feeling the pinch, says a report released Monday by RE/MAX.




The Recreational Property Report 2012 said Sylvan Lake and Canmore have seen price declines in recreational property.




For example, the report said the typical starting price for a three-bedroom, winterized recreational property on a standard-sized waterfront lot in Sylvan Lake has dropped to $750,000 from $800,000 a year ago. In 2010, it was $1.2 million and it was $1.125 million in 2009.






Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
OPEC boss suggests move to reduce oil glut




OPEC`s president signalled on Monday it could act to reduce a glut of oil that has knocked the price down towards double digits, but said it was unlikely to set individual country production quotas at a meeting this week.




Abdul Kareem Luaibi, who also serves as oil minister of Iraq, said maintaining the price at $100-$120 a barrel was `reasonable and acceptable`, but repeatedly declined to specify what action if any OPEC might take when it meets on Thursday.




Supply from OPEC is running nearly 2 million barrels per day (bpd) above a self-imposed production ceiling of 30 million barrels per day set when ministers last met in December. At the time, individual targets for countries were not allocated.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Lethbridge home construction strong



Lethbridge saw a jump in new single-family home construction this spring, thanks partly to new residents moving in from elsewhere in Canada and partly to the low-interest-rate-fueled buyers' market.





Last month, 51 new houses started construction with the city of Lethbridge, according to statistics recently released by the Canada Mortgage and Housing Corporation. Lethbridge and its surrounding area saw 54 new single-home upstarts in May 2012, compared to 42 in May 2011. Within the first five months of this year, the area had 193 new homes on the go, compared to 175 in the same time period last year.





Read the full article here.
 

Ally

Research Assistant
Registered
Joined
Mar 24, 2009
Messages
16,743
Calgary office demand helps push down national vacancy rate





CALGARY ` The already extremely tight downtown Calgary office market continued to tighten in the second quarter, with 329,386 square feet of absorption in the core, says a national report released Monday by Cushman & Wakefield.




Calgary was one of the most active markets in the country, and significantly contributed to bringing the national central office market vacancy rate down to a low of five per cent, only the second time the national rate has been this low in 27 years, said the real estate company.




Calgary`s downtown vacancy rate dropped to 3.1 per cent in the second quarter from 3.6 per cent in the first quarter of this year.






Read the full article here.
 
Top Bottom