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May 2011 Prairie Economic Fundamentals

Ally

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News articles for May 2011.
 

Ally

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Potash profits spike to record




Rising nutrient prices and strong demand helped Potash Corp. of Saskatchewan Inc. report record first quarter earnings and boost its outlook.




The world`s biggest fertilizer company said it earned US$732-million, or US84 cents a share. It is a far better result than the US49 cents that the company reported in the same period a year ago. At that time, the potash market was just beginning to rebound from a very weak 2009, when farmers reduced their fertilizer applications. Applications picked up in 2010 and crop prices are much improved as well.




The Q1 results were ahead of the consensus analyst estimate of US80 cents a share.







`Tight global grain inventories, strong crop returns and the need to address nutrient deficiencies are powerful motivators for the world`s farmers, and the impact was evident in our record first-quarter results,` chief executive Bill Doyle said in a statement.





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Potash Corp. holds firm in pricing dispute with India





TORONTO ` The potash industry is locked in a pricing dispute with India, and Bill Doyle indicated on Thursday that he has no plans to back down.




`I know that certain Indian government officials believe the market shouldn`t apply to them, but that`s kind of like denying gravity,` the outspoken chief executive of Potash Corp. of Saskatchewan Inc. said on a conference call.




Potash prices and demand have moved steadily higher since early 2010, helping the Saskatoon-based company report its best first-quarter results to date: earnings of US$732-million, and gross margin of US$1.1-billion. It also hiked its full-year guidance.




While customers around the world have accepted price increases from potash marketing company Canpotex Ltd., there is one major holdout right now: India, which is refusing to sign a contract reflecting market prices (currently in the neighbourhood of US$500 a tonne). The dispute has gotten somewhat nasty, with accusations out of India that the potash industry acts as a cartel. It is an old complaint.





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Western Canadian cities to lead economic growth in 2011





Ottawa, May 5, 2011 ` Four cities located in Saskatchewan and Alberta will occupy the top four spots in the economic growth leader board, according to the Spring 2011 edition of The Conference Board of Canada`s Metropolitan Outlook.







`Buoyed by the resources and energy sectors, the economies of Saskatoon, Calgary, Regina and Edmonton will post noticeably stronger growth than the other cities covered in this report,` said Mario Lefebvre, Director, Centre for Municipal Studies. This publication provides a five-year outlook for 13 of Canada`s largest census metropolitan areas (CMA).







Saskatoon and Regina are benefiting from strong resource development in the province, while healthy population growth is bolstering the housing markets in both cities. The medium term outlook is also bright, with both economies expected to grow at an even faster pace. Saskatoon`s economy will expand by 4.1 per cent this year, and is expected to remain among the CMA growth leaders through 2013. Regina`s real gross domestic product (GDP) is slated to rise by 3.1 per cent this year.



A promising outlook for the Alberta energy sector will be a boon for the Calgary and Edmonton economies. Calgary remains the services hub for the province`s energy sector and is forecast to post the second strongest economic growth rate (behind Saskatoon) at 3.4 per cent this year. Although the energy sector will bolster Edmonton`s outlook, real GDP is forecast to increase by 3.1 per cent in 2011`down slightly from its 2010 pace`due to more moderate growth in the construction, manufacturing and services sectors.







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Flood hard on home resales



WHILE the local new-homes market was enjoying a surge in homebuilding activity last month, the resale-homes market was being broadsided by its first monthly sales decline of 2011, according to new figures released Monday.





Canada Mortgage and Housing Corp. reported a 50-per-cent increase in single- and multi-family housing starts last month in the Winnipeg Census Metropolitan Area (CMA) -- 261 versus 174 in April 2010.





The biggest contributor was a five-fold increase in multi-family starts -- 100 versus 19, the housing agency said. Single starts were up a more modest 3.9 per cent to 161 units.





However, it was a much different story on the resale-homes side of the market, which was hit with double-digit declines in new listings, unit sales and dollar volume of sales, according to figures from WinnipegREALTORS.





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Ally

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Winnipeg's downtown development on high track, says HGTV star




Winnipeg's Exchange District has a new fan -- HGTV star and condo pitchman Brad Lamb.




The Toronto real estate broker/developer blew into Winnipeg on Tuesday -- his first visit to the city -- to give a luncheon address on the Canadian condominium market and how condo developments can be a catalyst for downtown revitalization.




Before the luncheon, his host -- Winnipeg real estate investment firm The Blueprint Group -- took him on a 15-minute driving tour through downtown Winnipeg. And the man whose companies have sold more than 15,000 condos and have six condo projects under construction at the moment in Canada, said he liked what he saw.





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