November 2012 Alberta Economic Fundamentals
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Calgary house prices flirting with 2007 peak level
CALGARY ` Calgary`s resale housing market in October is continuing to show very strong year-over-year sales growth with average prices competing with the peak level of 2007.
According to the Calgary Real Estate Board, month-to-date until October 30, total MLS transactions in the city of 1,603 are up 23.88 per cent from the same period a year ago and the average sale price has risen by 7.22 per cent to $435,922.
The October activity has pushed year-to-date sales to 18,616, an increase of 15.85 per cent. And the year-to-date average sale price has jumped to $427,612, up 2.99 per cent from a year ago. The yearly average sale price in the city peaked in 2007 at $423,770.
Read the full article here.
CALGARY ` Calgary`s resale housing market in October is continuing to show very strong year-over-year sales growth with average prices competing with the peak level of 2007.
According to the Calgary Real Estate Board, month-to-date until October 30, total MLS transactions in the city of 1,603 are up 23.88 per cent from the same period a year ago and the average sale price has risen by 7.22 per cent to $435,922.
The October activity has pushed year-to-date sales to 18,616, an increase of 15.85 per cent. And the year-to-date average sale price has jumped to $427,612, up 2.99 per cent from a year ago. The yearly average sale price in the city peaked in 2007 at $423,770.
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Alberta will be Canada's economic growth engine for the next decade: CIBC
CALGARY ` Alberta will be Canada`s economic growth engine for the next decade, according to a report released Wednesday by CIBC World Markets.
The report said the long-term potential growth forecast for the province is an annual average of 3.3 per cent between 2012-2022.
That compares to a national average of 2.1 per cent Real GDP growth.
`Natural resource wealth is synonymous with economic and fiscal success,` said CIBC.
Read more: Read the full article here.
CALGARY ` Alberta will be Canada`s economic growth engine for the next decade, according to a report released Wednesday by CIBC World Markets.
The report said the long-term potential growth forecast for the province is an annual average of 3.3 per cent between 2012-2022.
That compares to a national average of 2.1 per cent Real GDP growth.
`Natural resource wealth is synonymous with economic and fiscal success,` said CIBC.
Read more: Read the full article here.
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Downtown office development boom on the horizon
CALGARY ` A development boom is ramping up in Canada`s four largest office markets, including Calgary, says commercial real estate firm Jones Lang LaSalle.
The boom is motivated by a scarcity of quality space and strong market conditions, said a company report.
`Based on the projects either currently under construction or confirmed, the surge in new office development in Toronto, Montreal and Vancouver represents the most significant uptick in new construction in a decade or more,` according to the report. `The extremely low vacancy rate in downtown Calgary (0.7 per cent for Class AA and Class A space) has recently prompted a new wave of development in the market at a time when limited office supply is leaving `captive` tenants little option but to extend existing leases.`
RRead the full article here.
CALGARY ` A development boom is ramping up in Canada`s four largest office markets, including Calgary, says commercial real estate firm Jones Lang LaSalle.
The boom is motivated by a scarcity of quality space and strong market conditions, said a company report.
`Based on the projects either currently under construction or confirmed, the surge in new office development in Toronto, Montreal and Vancouver represents the most significant uptick in new construction in a decade or more,` according to the report. `The extremely low vacancy rate in downtown Calgary (0.7 per cent for Class AA and Class A space) has recently prompted a new wave of development in the market at a time when limited office supply is leaving `captive` tenants little option but to extend existing leases.`
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WestJet picks Calgary as home base for new airline
CALGARY - After considering a number of cities across Canada, WestJet has decided to locate the headquarters of its new regional airline in Calgary.
Wednesday`s announcement means that Encore, the newly named regional airline expected to begin flying in the last half of 2013, will be based in the same city as its parent company. WestJet spokesperson Jennifer Sanford said airports in both Eastern and Western Canada were considered, but in the end, the company chose to remain true to its roots.
Read thefull article here.
CALGARY - After considering a number of cities across Canada, WestJet has decided to locate the headquarters of its new regional airline in Calgary.
Wednesday`s announcement means that Encore, the newly named regional airline expected to begin flying in the last half of 2013, will be based in the same city as its parent company. WestJet spokesperson Jennifer Sanford said airports in both Eastern and Western Canada were considered, but in the end, the company chose to remain true to its roots.
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No matter who wins the election, Canada's energy sector loses
Don Alfaro knows Ohio could well decide the U.S. presidential election, but he is even more focused on what the election would mean for the promising Utica shale reserves that reside in his state.
`We have within our borders the ability and the technology to achieve what every president since the Nixon administration has set out to do, which is to move the U.S. towards energy security,` said the communications director of Energy In Depth ` The Ohio Project, an industry website that tracks U.S. officials` views on energy issues.
Read the full article here.
Don Alfaro knows Ohio could well decide the U.S. presidential election, but he is even more focused on what the election would mean for the promising Utica shale reserves that reside in his state.
`We have within our borders the ability and the technology to achieve what every president since the Nixon administration has set out to do, which is to move the U.S. towards energy security,` said the communications director of Energy In Depth ` The Ohio Project, an industry website that tracks U.S. officials` views on energy issues.
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Alberta unemployment rate lowest in Canada
CALGARY ` Alberta`s unemployment rate remained the lowest in the country in October, according to Statistics Canada.
The federal agency reported Friday that the rate rose from 4.4 per cent to 4.5 per cent in the province while in Canada it remained at 7.4 per cent in October.
In Alberta, 5,000 new jobs were created from the previous month for an increase of 0.2 per cent while year-over-year there have been 36,500 new jobs created in the province, up 1.7 per cent from October 2011.
Read the full article here.
CALGARY ` Alberta`s unemployment rate remained the lowest in the country in October, according to Statistics Canada.
The federal agency reported Friday that the rate rose from 4.4 per cent to 4.5 per cent in the province while in Canada it remained at 7.4 per cent in October.
In Alberta, 5,000 new jobs were created from the previous month for an increase of 0.2 per cent while year-over-year there have been 36,500 new jobs created in the province, up 1.7 per cent from October 2011.
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Calgary commercial real estate sales one of the best years ever
CALGARY ` This year has registered the second best nine-month start on record for commercial real estate transactions in the Calgary region, says a report by RealNet Canada Inc.
So far this year after three-quarters, total dollar volume in sales of all commercial assets has reached $3.394 billion with 332 transactions.
The year-to-date total is second only to 2008`s $3.762 billion (395 transactions) after nine months.
Read the full article here.
CALGARY ` This year has registered the second best nine-month start on record for commercial real estate transactions in the Calgary region, says a report by RealNet Canada Inc.
So far this year after three-quarters, total dollar volume in sales of all commercial assets has reached $3.394 billion with 332 transactions.
The year-to-date total is second only to 2008`s $3.762 billion (395 transactions) after nine months.
Read the full article here.
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University of Calgary invents way to remove toxins from tailing ponds
CALGARY ` Inventing a unique way to use toxins from Alberta`s oilsands, students from the University of Calgary have advanced to the international leg of a prestigious competition designing complex biological systems.
The U of C iGEM team (International Genetically Engineered Machines) will participate in the iGEM World Championships this weekend at the Massachusetts Institute of Technology in Boston after being selected one of three finalists at the North America west division contest.
Read the full article here.
CALGARY ` Inventing a unique way to use toxins from Alberta`s oilsands, students from the University of Calgary have advanced to the international leg of a prestigious competition designing complex biological systems.
The U of C iGEM team (International Genetically Engineered Machines) will participate in the iGEM World Championships this weekend at the Massachusetts Institute of Technology in Boston after being selected one of three finalists at the North America west division contest.
Read the full article here.
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Oilsands crippled by soaring costs
A confidential government memorandum obtained by CBC News warns that soaring costs of developing the Alberta oilsands could put the brakes on the massive project, stalling one of the main engines of the Canadian economy.
The booming oilsands industry supports tens of thousands of Canadian jobs, and pumps billions of dollars a year into the national economy.
The memo written by Mark Corey, one of the highest-ranking officials in the federal Department of Natural Resources, warns that if the current trend of spiralling labour and other costs continues, investors may start to turn off the tap on the massive amounts of money needed to develop the oilsands.
Read the full article here.
A confidential government memorandum obtained by CBC News warns that soaring costs of developing the Alberta oilsands could put the brakes on the massive project, stalling one of the main engines of the Canadian economy.
The booming oilsands industry supports tens of thousands of Canadian jobs, and pumps billions of dollars a year into the national economy.
The memo written by Mark Corey, one of the highest-ranking officials in the federal Department of Natural Resources, warns that if the current trend of spiralling labour and other costs continues, investors may start to turn off the tap on the massive amounts of money needed to develop the oilsands.
Read the full article here.
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Alberta must 'double down' on heavy oil
The turbulent global energy scene is characterized by dramatic technological change, rapid shifts in both supply and demand, and growing social opposition to the production and transportation of virtually all forms of energy, from bitumen to wind farms.
Alberta is a very small vessel on this stormy sea, with only one person in 2,000 worldwide living in the province. This means that Albertans cannot determine prices or control markets, but nor can they afford to sit back and wait for good things to happen. The challenge is to determine what we can do to help ourselves, and then to act with speed and determination to shape our own destiny to the best of our ability.
Read the full article here.
The turbulent global energy scene is characterized by dramatic technological change, rapid shifts in both supply and demand, and growing social opposition to the production and transportation of virtually all forms of energy, from bitumen to wind farms.
Alberta is a very small vessel on this stormy sea, with only one person in 2,000 worldwide living in the province. This means that Albertans cannot determine prices or control markets, but nor can they afford to sit back and wait for good things to happen. The challenge is to determine what we can do to help ourselves, and then to act with speed and determination to shape our own destiny to the best of our ability.
Read the full article here.
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Rising light oil production prompts Suncor to stall oilsands upgrader plan
Suncor Energy Inc said on Thursday that rising light oil production threatens the profitability of a massive new upgrading facility planned by Canada`s dominant oilsands producer as it delayed plans to expand output from the world`s third-largest oil reserve.
The company, Canada`s No. 1 integrated oil producer and refiner, backed away from what had been a C$20.6 billion plan to boost production from its oilsands operations, delaying a new mining project for at least one year and putting a target date to build North America`s largest upgrading facility on hold while it works to squeeze costs from the project.
Read the full article here.
Suncor Energy Inc said on Thursday that rising light oil production threatens the profitability of a massive new upgrading facility planned by Canada`s dominant oilsands producer as it delayed plans to expand output from the world`s third-largest oil reserve.
The company, Canada`s No. 1 integrated oil producer and refiner, backed away from what had been a C$20.6 billion plan to boost production from its oilsands operations, delaying a new mining project for at least one year and putting a target date to build North America`s largest upgrading facility on hold while it works to squeeze costs from the project.
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Edmonton's unemployment rate was second lowest in Canada
According to Statistics Canada's latest job figures, our city's unemployment rate dropped 0.2 per cent to 4.3 per cent from September to October.
The agency says that 3,900 new jobs were created in Edmonton, which is four per cent more jobs than a year ago.
"Labour markets in Edmonton are becoming pretty tight," says Jason Brisbois, Director of the Western Centre for Economic Research at the University of Alberta's School of Business.
Read the full article here.
According to Statistics Canada's latest job figures, our city's unemployment rate dropped 0.2 per cent to 4.3 per cent from September to October.
The agency says that 3,900 new jobs were created in Edmonton, which is four per cent more jobs than a year ago.
"Labour markets in Edmonton are becoming pretty tight," says Jason Brisbois, Director of the Western Centre for Economic Research at the University of Alberta's School of Business.
Read the full article here.
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Calgary luxury home sales set record this year
CALGARY ` Sales of luxury homes in Calgary`s resale housing market has already set a record this year, surpassing the boom of 2007.
The city experienced a record-breaking month in October with 51 MLS sales of properties over $1 million in Calgary, which was the most ever for an October, and that pushed year-to-date sales in the luxury market to 459, one more than previous record set in 2007 for the entire year.
Read the full article here.
CALGARY ` Sales of luxury homes in Calgary`s resale housing market has already set a record this year, surpassing the boom of 2007.
The city experienced a record-breaking month in October with 51 MLS sales of properties over $1 million in Calgary, which was the most ever for an October, and that pushed year-to-date sales in the luxury market to 459, one more than previous record set in 2007 for the entire year.
Read the full article here.
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Alberta has a lot to learn from Saskatchewan
EDMONTON, AB, Nov. 4,2012/ Troy Media/ ` When I moved to Edmonton in October of 1993, I left behind a Saskatchewan that could only be described as being in the worst of all possible economic conditions. Alberta, on the other hand, was the sole true beacon of entrepreneurial spirit and free enterprise in all of Canada.
How times have changed.
Edmonton, back then, was still dealing with the lingering effects of Pierre Trudeau`s National Energy Program, and the crippling blow it dealt the province. It was also dealing with the civic pride fall-out from the Wayne Gretzky trade, and the dismantling of its beloved Edmonton Oilers.
Read the full article here.
EDMONTON, AB, Nov. 4,2012/ Troy Media/ ` When I moved to Edmonton in October of 1993, I left behind a Saskatchewan that could only be described as being in the worst of all possible economic conditions. Alberta, on the other hand, was the sole true beacon of entrepreneurial spirit and free enterprise in all of Canada.
How times have changed.
Edmonton, back then, was still dealing with the lingering effects of Pierre Trudeau`s National Energy Program, and the crippling blow it dealt the province. It was also dealing with the civic pride fall-out from the Wayne Gretzky trade, and the dismantling of its beloved Edmonton Oilers.
Read the full article here.
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Calgary's housing market remains immune to chills across Canada
House Price Index, Canada has recently cited the largest price drop since November, 2010. In September, the HPI plunged 0.35% from previous month. A significant price drop was observed in six major cities including Vancouver and Montreal. Meanwhile, CTV reports that the official stats to point out a completely contrasting situation in Calgary where housing demands and prices are increasing simultaneously.
According to Marcus Arkan, CTO of Syndicate Mortgages, there are plenty of lessons to be learned from the current situation of Calgary where both the housing market and the economy are blooming right now. `There are a lot of buyers in the market and they want to explore their options as well. Due to economic stability in the region, the affordability factor is not much of a problem for people in Calgary. Although the prices are expected to rise again in the next quarter, we are quite confident that the interest of buyers will remain intact,` Mr. Arkan predicted.
Mr. Arkan`s prediction is based on the current report published by the first BMO Housing Confidence Report published this October. According to the report, Calgary is leading all the major cities in terms of homeowners` intentions to buy new home within the next five years. BMO`s Housing Confidence Survey reports that 62 percent of homebuyers in Calgary are willing to buy homes including first-time buyers. This is despite the expected 2 percent rise in prices forecasted by BMO.
Read the full article here.
House Price Index, Canada has recently cited the largest price drop since November, 2010. In September, the HPI plunged 0.35% from previous month. A significant price drop was observed in six major cities including Vancouver and Montreal. Meanwhile, CTV reports that the official stats to point out a completely contrasting situation in Calgary where housing demands and prices are increasing simultaneously.
According to Marcus Arkan, CTO of Syndicate Mortgages, there are plenty of lessons to be learned from the current situation of Calgary where both the housing market and the economy are blooming right now. `There are a lot of buyers in the market and they want to explore their options as well. Due to economic stability in the region, the affordability factor is not much of a problem for people in Calgary. Although the prices are expected to rise again in the next quarter, we are quite confident that the interest of buyers will remain intact,` Mr. Arkan predicted.
Mr. Arkan`s prediction is based on the current report published by the first BMO Housing Confidence Report published this October. According to the report, Calgary is leading all the major cities in terms of homeowners` intentions to buy new home within the next five years. BMO`s Housing Confidence Survey reports that 62 percent of homebuyers in Calgary are willing to buy homes including first-time buyers. This is despite the expected 2 percent rise in prices forecasted by BMO.
Read the full article here.
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Calgary and Edmonton displace Toronto and Vancouver as top markets in real estate
CALGARY ` Calgary and Edmonton have displaced Toronto and Vancouver as the top-ranked cities for real estate, according to the Emerging Trends in Real Estate 2013 report released Tuesday.
The report, by PwC and the Urban Land Institute, said the Canadian real estate market is expected to remain steady with `modestly good` investment and development prospects across most property sectors for 2013, reflecting expectations of solid supply and demand.
Calgary was the top-ranked city in the country followed by Edmonton, Toronto, Vancouver and Ottawa.
Read the full article here.
CALGARY ` Calgary and Edmonton have displaced Toronto and Vancouver as the top-ranked cities for real estate, according to the Emerging Trends in Real Estate 2013 report released Tuesday.
The report, by PwC and the Urban Land Institute, said the Canadian real estate market is expected to remain steady with `modestly good` investment and development prospects across most property sectors for 2013, reflecting expectations of solid supply and demand.
Calgary was the top-ranked city in the country followed by Edmonton, Toronto, Vancouver and Ottawa.
Read the full article here.
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Momentum building on Edmonton homes front
EDMONTON - Edmonton`s MLS home sales and prices in October were up from the same month last year, according to the Realtors Association of Edmonton.
The all-residential average selling price in Edmonton`s Multiple Listing Service was $324,924 in October, up 2.1 per cent year-over-year, the group said. Single-family detached homes were priced on average at $372,061, a 2.9-per-cent increase from October 2011.
Read the full article here.
EDMONTON - Edmonton`s MLS home sales and prices in October were up from the same month last year, according to the Realtors Association of Edmonton.
The all-residential average selling price in Edmonton`s Multiple Listing Service was $324,924 in October, up 2.1 per cent year-over-year, the group said. Single-family detached homes were priced on average at $372,061, a 2.9-per-cent increase from October 2011.
Read the full article here.
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Edmonton's low unemployment rate second only to Regina's
EDMONTON - The city`s unemployment rate remained the second lowest in the country in October, according to Statistics Canada.
Unemployment in the Edmonton census metropolitan area (CMA) dipped 0.2 percentage points from the previous month to 4.3 per cent, the federal agency said. It`s the second month in a row that Edmonton has posted the nation`s second-lowest jobless rate among CMAs. Only Regina, at 3.9 per cent, was lower in October.
The federal agency said Alberta had the lowest unemployment rate in Canada in October, at 4.5 per cent. That was up 0.1 percentage points from September.
Read the full article here.
EDMONTON - The city`s unemployment rate remained the second lowest in the country in October, according to Statistics Canada.
Unemployment in the Edmonton census metropolitan area (CMA) dipped 0.2 percentage points from the previous month to 4.3 per cent, the federal agency said. It`s the second month in a row that Edmonton has posted the nation`s second-lowest jobless rate among CMAs. Only Regina, at 3.9 per cent, was lower in October.
The federal agency said Alberta had the lowest unemployment rate in Canada in October, at 4.5 per cent. That was up 0.1 percentage points from September.
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Rental rates hit rock bottom in Okotoks
One of Calgary's most popular bedroom communities may be a victim of its own success as the rental vacancy rate hovers close to zero.
Okotoks is a popular and picturesque community located about 18 kilometres south of the big city.
For months there has been little to no rental accommodations available in the town of about 25,000.
`Two or three years ago we had about eight properties and we couldn't rent them, so it just comes around, it's a cyclical thing and at the moment we're well under one percent,` said Andrew Fulcher of Prairie Management Realty Inc.
Read the full article here.
One of Calgary's most popular bedroom communities may be a victim of its own success as the rental vacancy rate hovers close to zero.
Okotoks is a popular and picturesque community located about 18 kilometres south of the big city.
For months there has been little to no rental accommodations available in the town of about 25,000.
`Two or three years ago we had about eight properties and we couldn't rent them, so it just comes around, it's a cyclical thing and at the moment we're well under one percent,` said Andrew Fulcher of Prairie Management Realty Inc.
Read the full article here.