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June 2014 Alberta Economic Fundamentals

Ally

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Edmonton residents tell developer to tone down size of new Whyte Avenue development





The developers behind a proposed building on Whyte Avenue were told size matters Wednesday, as residents brought the building`s height front and centre at a public meeting.





The building is proposed to rise from the long vacant former Esso station on Whyte Avenue at 105 Street.





Several residents raised concerns that the building, at a proposed six storeys tall, would overshadow neighbouring properties.





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Lack of suite success





Yet another stalemate looms in the secondary suite controversy.





Suburban councillors appear more interested in protecting their political turf than enacting a policy that would serve Calgarians' greater good.





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Crude prices drop as market awaits impact of insurgency on Iraq's oil output





The price of oil fell Monday as traders waited to see if an insurgency in Iraq would affect the country's oil production and exports.





In a blitz through Iraq's western desert over the weekend, insurgents captured four towns and three border crossings on the country's frontiers with Jordan and Syria, greatly expanding territory under their control in the country's north.





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Calgary resale house prices continue upward swing





CALGARY - Calgary`s resale housing market is in balanced territory with short-term year-over-year MLS price growth expectation in the five to 6.9 per cent range, according to the Conference Board of Canada.





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Calgary real estate market recovering after last year's flood





Not surprisingly, last year`s devastating flood had a huge impact on Calgary`s residential real estate market that lingers to this day.





Not so much on the overall city market, which has been one of the hottest in the country, but on the flood-affected areas where sales dropped after the natural disaster ` as did house prices.





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Consultations coming on development in Edmonton's Oliver area





EDMONTON - Perhaps a decade from now, the west leg of the Valley Line LRT will run through downtown, and the City of Edmonton is getting an early start on planning the look and feel of the surrounding neighbourhood.





The route along 104th Avenue has been approved by council and the preliminary engineering completed. Now, development hinges on the availability of funding, said senior planner Travis Pawlyk.





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Alberta most entrepreneurial province in Canada





CALGARY - Alberta is the most entrepreneurial province in Canada with the rate of entrepreneurship in Alberta 50 per cent higher than the national average, according to a new report.





The 2013 Global Entrepreneurship Monitor (GEM) Alberta Report - issued by the Calgary-based Centre for Innovation Studies - found that most entrepreneurship focuses on business-to-business services.





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Housing starts down for Strathcona County





Total housing starts in the Strathcona County area have fallen behind nearly 19 per cent from last year`s pace, according to Canada Mortgage and Housing Corporation.





While the month of May has been keeping identical strides with the 41 total housing starts in May 2013, the number of single-family dwellings has decreased significantly from 31 starts last year to 17 starts this year, said Dianne Himbeault, senior market analyst with CMHC.





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Olds rent dispute to change the relationship between landlords and tenants





For years, many people have known that landlords in Alberta can oust tenants by increasing their rent beyond what they can afford when a legal cause for eviction isn`t present.





It`s what one master in chambers on the Court of Queen`s Bench of Alberta has described as a `loop-hole` in tenant law, as there is no cap on rent increases in this province.





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Real Estate Council of Alberta update





Effective July 1, 2014, the Real Estate Council of Alberta (RECA) will require industry members who establish a client relationship when trading in residential real estate, property management, or when dealing in mortgages to enter into a written service agreement with that client. Written service agreements help ensure the role of an industry professional is clear , and when clients are better informed, there is less confusion and typically, fewer disputes.





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SAIT adds 1,200 spaces to bolster trades training





The Southern Alberta Institute of Technology is adding nearly 1,200 student spaces in the fall, the largest enrolment increase in the school's history.





The provincial government is funding the expansion through a special grant aimed at getting more people trained in trades to ease the critical shortage of skilled workers in Alberta.





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A tale of two pipelines





OTTAWA - With the Conservative government giving a green light to Northern Gateway, here's a look at the controversial pipeline project and how it shapes up against its cross-border cousin, Keystone XL:





Northern Gateway is a proposed 1,177-kilometre twin pipeline that would carry diluted bitumen from Alberta to the town of Kitimat on the British Columbia coast, where it would be shipped overseas by oil tankers.





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Office demand on the rise in Calgary





CALGARY - The Canadian office market is exhibiting signs of life after a prolonged period of lackluster leasing activity, says a new report released Thursday by CBRE Limited.





And the most active market in the second quarter of this year was Calgary where the overall office vacancy rate fell 30 basis points quarter-over-quarter to 10.6 per cent, said the National Office and Industrial Second Quarter 2014 Statistical Summary.





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Calgary east village wasteland sees huge spike in construction





CALGARY - For years, East Village, directly east of City Hall, was an urban wasteland with grand dreams for development.





And for many years, those dreams never materialized - until now.





Under the guidance of the Calgary Municipal Land Corporation, East Village is now a hotbed of activity with numerous cranes signalling that this development, which will eventually house 11,000 people as well as office, retail, and civic and cultural space, is well on its way to fruition.





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