October 2010 Alberta Fundamentals
- Thread starter Ally
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Suncor `turns corner` on tailings
Standing on the lip of Suncor Energy`s Millennium mine, the vista can take your breath away.
Fifty to 100 metres below, seven giant shovels positioned around the gaping, 15-square-kilometre pit fill a parade of 400-tonne trucks, each carrying the equivalent of 200 barrels of bitumen.
It`s the kind of scene that makes dramatic photos: a surface mine before reclamation, a barren, rocky landscape interlaced with haul roads.
And it`s an example of the image that shocked Hollywood director James Cameron into calling the oilsands a "black eye" on Canada`s environmental record before his trip to the area this week.
But starting next year, the scene will begin to change as a river of sand begins to fill the mine from the outer circle, a virtual doughnut of material moving toward the centre.
"We want to put the sand back in the pit as we go. The mine will become a sand dump, with the (fine clay tailings) running off into a catchment basin and pumped out," said Anne Marie Toutant, Suncor`s vice-president of mining and reclamation.
Read the full article here.
Standing on the lip of Suncor Energy`s Millennium mine, the vista can take your breath away.
Fifty to 100 metres below, seven giant shovels positioned around the gaping, 15-square-kilometre pit fill a parade of 400-tonne trucks, each carrying the equivalent of 200 barrels of bitumen.
It`s the kind of scene that makes dramatic photos: a surface mine before reclamation, a barren, rocky landscape interlaced with haul roads.
And it`s an example of the image that shocked Hollywood director James Cameron into calling the oilsands a "black eye" on Canada`s environmental record before his trip to the area this week.
But starting next year, the scene will begin to change as a river of sand begins to fill the mine from the outer circle, a virtual doughnut of material moving toward the centre.
"We want to put the sand back in the pit as we go. The mine will become a sand dump, with the (fine clay tailings) running off into a catchment basin and pumped out," said Anne Marie Toutant, Suncor`s vice-president of mining and reclamation.
Read the full article here.
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MLS sales in Calgary rebound in September
CALGARY - Although MLS sales on a year-over-year basis were down in September for the fifth consecutive month, there are signs some buyers are no longer sitting on the sidelines.
The Calgary Real Estate Board reported Friday that single-family home sales in September broke a string of five consecutive month-over-month declines and the condo market ended a streak of four straight monthly declines.
Mandeep Shahi, 35, owner of zenmed.com which is an online cosmetic skincare company, has been working with realtor Claudia Walz, of Re/Max House of Real Estate and she`s close to joining the growing ranks of buyers in the city.
"I have been in the market I would say almost one year. I started about the first week of October 2009," she said.
"When I first entered the market I had my budget set. What my budget was really saying was I was going to get an inner-city, two bedroom, two bath condo . . . I just held off."
Read the full article here.
CALGARY - Although MLS sales on a year-over-year basis were down in September for the fifth consecutive month, there are signs some buyers are no longer sitting on the sidelines.
The Calgary Real Estate Board reported Friday that single-family home sales in September broke a string of five consecutive month-over-month declines and the condo market ended a streak of four straight monthly declines.
Mandeep Shahi, 35, owner of zenmed.com which is an online cosmetic skincare company, has been working with realtor Claudia Walz, of Re/Max House of Real Estate and she`s close to joining the growing ranks of buyers in the city.
"I have been in the market I would say almost one year. I started about the first week of October 2009," she said.
"When I first entered the market I had my budget set. What my budget was really saying was I was going to get an inner-city, two bedroom, two bath condo . . . I just held off."
Read the full article here.
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U.S. senators propose bill to open flow of oilsands
A pair of United States senators who recently visited Alberta are introducing legislation that would ensure U.S. government agencies can purchase fuel products made from the province`s oilsands.
While still in its early stages, the arrival of the "Oil Sands Energy Security Act" should be seen as a vindication of Premier Ed Stelmach`s strategy of promoting the oilsands message with key U.S. policy-makers, said Gary Mar, Alberta`s top official at the Canadian Embassy in Washington, D.C. "We shouldn`t take too much away from this at this point . . . but the result is now we have a bill that gives us a strong indication people are understanding our message of what the oilsands are and what they are not," Mar said in a phone interview Friday.
"The premier has had a great deal of influence meeting with (U. S. legislators) in small groups, and he`s been effective in getting people to learn more about the oilsands and getting them to visit the oilsands."
The bill is the work of Republican senators Lindsey Graham, from South Carolina, and Saxby Chambliss, from Georgia. Both men -- along with Democratic senator Kay Hagan -- toured the oilsands with Premier Ed Stelmach two weeks ago and came away with glowing reviews.
Graham called the operations north of Fort McMurray an "industrial ballet" and said he believed environmental issues were being addressed responsibly. "I am for full speed ahead in terms of using Canadian oilsands oil in America," he said.
Read the full article here.
A pair of United States senators who recently visited Alberta are introducing legislation that would ensure U.S. government agencies can purchase fuel products made from the province`s oilsands.
While still in its early stages, the arrival of the "Oil Sands Energy Security Act" should be seen as a vindication of Premier Ed Stelmach`s strategy of promoting the oilsands message with key U.S. policy-makers, said Gary Mar, Alberta`s top official at the Canadian Embassy in Washington, D.C. "We shouldn`t take too much away from this at this point . . . but the result is now we have a bill that gives us a strong indication people are understanding our message of what the oilsands are and what they are not," Mar said in a phone interview Friday.
"The premier has had a great deal of influence meeting with (U. S. legislators) in small groups, and he`s been effective in getting people to learn more about the oilsands and getting them to visit the oilsands."
The bill is the work of Republican senators Lindsey Graham, from South Carolina, and Saxby Chambliss, from Georgia. Both men -- along with Democratic senator Kay Hagan -- toured the oilsands with Premier Ed Stelmach two weeks ago and came away with glowing reviews.
Graham called the operations north of Fort McMurray an "industrial ballet" and said he believed environmental issues were being addressed responsibly. "I am for full speed ahead in terms of using Canadian oilsands oil in America," he said.
Read the full article here.
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Report says Alberta house prices overvalued by 12.5%
House prices in Alberta and British Columbia have "overshot" their fair market value by the largest margin in the country, says a report released today by CIBC World Markets Inc.
The report said the housing sector "looks vulnerable" in the West.
It said house prices in B.C. are overvalued by 16.8 per cent and they are overvalued by 12.5 per cent in Alberta. The national average is 11.8 per cent above "fair value."
Across the country, CIBC said the overvalue was as follows: 11.6 per cent in Ontario, 11.3 per cent in Saskatchewan/Manitoba, 6.4 per cent in Quebec and 5.9 per cent in Atlantic Canada.
"Granted, no part of Canada looks immune to further housing market weakness, with significant momentum having been more recently lost," said the report. "But it`s in B.C. and Alberta where housing prices have overshot fair market value by the largest margin with an ongoing correction expected to dull residential construction activity and blunt consumer enthusiasm."
Read the full article here.
House prices in Alberta and British Columbia have "overshot" their fair market value by the largest margin in the country, says a report released today by CIBC World Markets Inc.
The report said the housing sector "looks vulnerable" in the West.
It said house prices in B.C. are overvalued by 16.8 per cent and they are overvalued by 12.5 per cent in Alberta. The national average is 11.8 per cent above "fair value."
Across the country, CIBC said the overvalue was as follows: 11.6 per cent in Ontario, 11.3 per cent in Saskatchewan/Manitoba, 6.4 per cent in Quebec and 5.9 per cent in Atlantic Canada.
"Granted, no part of Canada looks immune to further housing market weakness, with significant momentum having been more recently lost," said the report. "But it`s in B.C. and Alberta where housing prices have overshot fair market value by the largest margin with an ongoing correction expected to dull residential construction activity and blunt consumer enthusiasm."
Read the full article here.
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Calgary house prices up 7.7% over 2009; still below the national average
A housing report released today says Calgary home prices in July rose by 7.7 per cent from a year ago - one of the lowest rates of growth in the six major metropolitan centres surveyed.
The Teranet-National Bank House Price Index, which tracks dwellings that have been sold at least twice, said Calgary prices rose 0.4 per cent on a monthly basis.
Across the country, the national average yearly gain was 12.4 per cent led by Toronto at 14.9 per cent, Vancouver at 14.1 per cent, Ottawa at 10.9 per cent, and Montreal at 8.5 per cent. Only Halifax at 6.5 per cent was lower than Calgary.
The national annual gain was the smallest one in four months.
Read the full article here.
A housing report released today says Calgary home prices in July rose by 7.7 per cent from a year ago - one of the lowest rates of growth in the six major metropolitan centres surveyed.
The Teranet-National Bank House Price Index, which tracks dwellings that have been sold at least twice, said Calgary prices rose 0.4 per cent on a monthly basis.
Across the country, the national average yearly gain was 12.4 per cent led by Toronto at 14.9 per cent, Vancouver at 14.1 per cent, Ottawa at 10.9 per cent, and Montreal at 8.5 per cent. Only Halifax at 6.5 per cent was lower than Calgary.
The national annual gain was the smallest one in four months.
Read the full article here.
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Poster child for oil sands
Drew Zieglgansberger politely shows off as he tours visitors around Cenovus Energy Inc.` s Christina Lake oil sands project, an operation the industry believes will define the future of energy developments in northern Alberta.
He challenges them to spot seismic lines that cut never-ending swaths out of boreal forest, which are there but harder to spot from the ground now that their paths are jagged and narrower than in the past. He boasts how the wooden mats his company uses for machinery roads when installing pipelines reduce environmental destruction. He points out dirt bridges that serve as wildlife crossings built over suspended snakes of pipeline.
Christina Lake, after all, is essentially a drilling project, rather than a strip mine.
"Fundamentally, we should be able to reclaim [the disturbed natural environment] sooner," said Mr. Zieglgansberger, the vice-president in charge of Christina Lake. The 35-year-old started in the oil-and-gas industry as a roughneck, the bottom rung of the energy hierarchy, and is now in charge of one of Canada`s premier oil sands operations.
Without doubt, the oil sands project here, 120 kilo-metres south of Fort McMurray, is a visual victory for the industry. It looks nothing like the giant eyesores that are the oil sands open-pit mining operations, so often held up by green groups as proof of all that is wrong with the huge developments. At Christina Lake, for example, pipes replace the enormous trucks and diggers used in the oil sands open pits; the pristine forests are sliced by seismic lines and small patches of clear-cutting, rather than being replaced by massive strip mines; and as for the toxic tailings ponds, there are none and never will be.
Read the full article here.
Drew Zieglgansberger politely shows off as he tours visitors around Cenovus Energy Inc.` s Christina Lake oil sands project, an operation the industry believes will define the future of energy developments in northern Alberta.
He challenges them to spot seismic lines that cut never-ending swaths out of boreal forest, which are there but harder to spot from the ground now that their paths are jagged and narrower than in the past. He boasts how the wooden mats his company uses for machinery roads when installing pipelines reduce environmental destruction. He points out dirt bridges that serve as wildlife crossings built over suspended snakes of pipeline.
Christina Lake, after all, is essentially a drilling project, rather than a strip mine.
"Fundamentally, we should be able to reclaim [the disturbed natural environment] sooner," said Mr. Zieglgansberger, the vice-president in charge of Christina Lake. The 35-year-old started in the oil-and-gas industry as a roughneck, the bottom rung of the energy hierarchy, and is now in charge of one of Canada`s premier oil sands operations.
Without doubt, the oil sands project here, 120 kilo-metres south of Fort McMurray, is a visual victory for the industry. It looks nothing like the giant eyesores that are the oil sands open-pit mining operations, so often held up by green groups as proof of all that is wrong with the huge developments. At Christina Lake, for example, pipes replace the enormous trucks and diggers used in the oil sands open pits; the pristine forests are sliced by seismic lines and small patches of clear-cutting, rather than being replaced by massive strip mines; and as for the toxic tailings ponds, there are none and never will be.
Read the full article here.
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Brace for peak oil production by decade`s endCharles Maxwell: The use of petroleum in the world is now up to about 30 billion barrels per year. The rate at which we have found new supplies of petroleum over the last 10 years has fallen to an average of only about 10 billion barrels per year.
We`re obviously in an unsustainable situation. We are now using up a greater number of barrels that we have found in the recent past and that we have reserved in the ground. We are now beginning to use it up relatively quickly — with scary consequences for the future.
The peak of production usually comes sometime between 30 and 50 years after the peak of finding oil. "The peak of discovery," as they call it. For instance, in the North Sea, the peak of discovery was in the late 1960s, and the peak of production was in the late 1990s. So it was around 30 years between the peak of finding oil and the peak production of that oil.
Wallace Forbes: From those sources in the North Sea?
Maxwell: Yes. In the United States, the actual peak of discovery was 1931, quite a bit earlier. We were the first country to actually peak in the world of oil production. Our peak of production came in late in 1970. So that was a 39-year transition from the peak of finding the oil to the peak of producing it.
Read the full article here.
We`re obviously in an unsustainable situation. We are now using up a greater number of barrels that we have found in the recent past and that we have reserved in the ground. We are now beginning to use it up relatively quickly — with scary consequences for the future.
The peak of production usually comes sometime between 30 and 50 years after the peak of finding oil. "The peak of discovery," as they call it. For instance, in the North Sea, the peak of discovery was in the late 1960s, and the peak of production was in the late 1990s. So it was around 30 years between the peak of finding oil and the peak production of that oil.
Wallace Forbes: From those sources in the North Sea?
Maxwell: Yes. In the United States, the actual peak of discovery was 1931, quite a bit earlier. We were the first country to actually peak in the world of oil production. Our peak of production came in late in 1970. So that was a 39-year transition from the peak of finding the oil to the peak of producing it.
Read the full article here.
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`Cooler heads will prevail`
Canada`s two major pipeline companies did not have a good summer.
Enbridge Inc., which handles the lion`s share of Canadian exports to the United States, had a series of pipeline ruptures that cut into the flow of oil-sands crude to thirsty markets south of the border.
TransCanada Corp., the country`s biggest pipeline company, faced bitter opposition from critics of one of its key growth plans: the US$7-billion Keystone XL oil pipeline from Alberta to the Gulf of Mexico.
The pipeline breaks and opposition from U.S. legislators and environmental groups looked ready to derail plans for the two companies` biggest potential source of growth -- expanded shipments of oil-sands crude to the United States.
But despite the headlines, the shares of both firms have emerged relatively unscathed. And analysts say this is for good reason.
The long-term need for oil-sands
Read the full article here.
Canada`s two major pipeline companies did not have a good summer.
Enbridge Inc., which handles the lion`s share of Canadian exports to the United States, had a series of pipeline ruptures that cut into the flow of oil-sands crude to thirsty markets south of the border.
TransCanada Corp., the country`s biggest pipeline company, faced bitter opposition from critics of one of its key growth plans: the US$7-billion Keystone XL oil pipeline from Alberta to the Gulf of Mexico.
The pipeline breaks and opposition from U.S. legislators and environmental groups looked ready to derail plans for the two companies` biggest potential source of growth -- expanded shipments of oil-sands crude to the United States.
But despite the headlines, the shares of both firms have emerged relatively unscathed. And analysts say this is for good reason.
The long-term need for oil-sands
Read the full article here.
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Unit reduction may halt St. Albert housing project
ST. ALBERT — A proposed Habitat for Humanity townhouse development in St. Albert could be in jeopardy after city council voted Monday to further reduce the number of units to be built.
Council approved a rezoning bylaw that will allow the development to go ahead, but amended the proposed number of units from 30 to 24. Council also voted to have the mayor, two councillors and administration work with Habitat for Humanity to secure development partners to ensure the project is completed by May 1, 2013.
The move by council could mean the project "is a non-starter," said Habitat for Humanity president Alfred Nikolai.
"Twenty-four isn`t nearly as good as 30, and the other thing we are concerned about is the affordability. Every time you remove units from a piece of land, each unit becomes more expensive. And if you keep reducing it to a certain level, they are not affordable housing units anymore.
"Our board has a really difficult decision to make right now. If we can`t build affordable houses on that property, we won`t be building any houses."
Read the full article here.
ST. ALBERT — A proposed Habitat for Humanity townhouse development in St. Albert could be in jeopardy after city council voted Monday to further reduce the number of units to be built.
Council approved a rezoning bylaw that will allow the development to go ahead, but amended the proposed number of units from 30 to 24. Council also voted to have the mayor, two councillors and administration work with Habitat for Humanity to secure development partners to ensure the project is completed by May 1, 2013.
The move by council could mean the project "is a non-starter," said Habitat for Humanity president Alfred Nikolai.
"Twenty-four isn`t nearly as good as 30, and the other thing we are concerned about is the affordability. Every time you remove units from a piece of land, each unit becomes more expensive. And if you keep reducing it to a certain level, they are not affordable housing units anymore.
"Our board has a really difficult decision to make right now. If we can`t build affordable houses on that property, we won`t be building any houses."
Read the full article here.
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Affordable living big topic at St. Albert forum
ST. ALBERT — Affordable living was the primary focus at the St. Albert candidates` forum Tuesday night.
Close to 500 people packed the Arden Theatre to quiz candidates on their strategies to reduce property taxes, cut spending and ensure seniors and future generations can afford to live in the city. There were also concerns over a proposed affordable-housing development project in St. Albert`s southeast and a perceived lack of consultation and communication with area residents.
Mayoral candidate Shelley Biermanski opposes the development, and said the city should instead focus on making existing properties more affordable.
"We need to become a community that is inclusive of all, young and old, rich and struggling," she said.
Read the full article here.
ST. ALBERT — Affordable living was the primary focus at the St. Albert candidates` forum Tuesday night.
Close to 500 people packed the Arden Theatre to quiz candidates on their strategies to reduce property taxes, cut spending and ensure seniors and future generations can afford to live in the city. There were also concerns over a proposed affordable-housing development project in St. Albert`s southeast and a perceived lack of consultation and communication with area residents.
Mayoral candidate Shelley Biermanski opposes the development, and said the city should instead focus on making existing properties more affordable.
"We need to become a community that is inclusive of all, young and old, rich and struggling," she said.
Read the full article here.
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Single-family home price drops for third consecutive month
EDMONTON — Where are the buyers? That`s the question on the minds of realtors and home sellers.
Sellers, on the other hand, are abundant in the real estate market. They`re offering more than 8,600 homes for sale on the Multiple Listing Service in the Edmonton area — about seven months` worth of inventory and about twice what realtors would like to see with current demand.
But sales are slowing, according to MLS figures released Monday. There were 1,187 residential sales in September — down from 1,195 in August and 1,294 in July. September sales are down 23 per cent year-over-year.
Larry Westergard, president of the Realtors Association Edmonton, said the market was "resting" after a rush to buy earlier in 2010 as buyers rushed to beat anticipated interest rate hikes.
"Because we had so much more accelerated demand, a lot of those buyers made earlier than normal decisions in the market. They came out of the market sooner than they normally would have."
Read the full article here.
EDMONTON — Where are the buyers? That`s the question on the minds of realtors and home sellers.
Sellers, on the other hand, are abundant in the real estate market. They`re offering more than 8,600 homes for sale on the Multiple Listing Service in the Edmonton area — about seven months` worth of inventory and about twice what realtors would like to see with current demand.
But sales are slowing, according to MLS figures released Monday. There were 1,187 residential sales in September — down from 1,195 in August and 1,294 in July. September sales are down 23 per cent year-over-year.
Larry Westergard, president of the Realtors Association Edmonton, said the market was "resting" after a rush to buy earlier in 2010 as buyers rushed to beat anticipated interest rate hikes.
"Because we had so much more accelerated demand, a lot of those buyers made earlier than normal decisions in the market. They came out of the market sooner than they normally would have."
Read the full article here.
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Driling-rights revenue breaks record - with 5 sales to go
Alberta has raised more money from the sale of conventional oil and gas drilling rights so far in 2010 than in any previous year.
Alberta Energy said Wednesday that $118 million flowed into the treasury from the most recent auction of non-oilsands leases and licences for 204,000 hectares of Crown land.
Combined with the $1.744 billion from 17 previous sales, the total comes to $1.862 billion, well ahead of 2005`s record $1.827 billion -- with five sales yet to be held. Land sales are considered a key indicator of future drilling intentions.
Don Herring, president of the Canadian Association of Oilwell Drilling Contractors, said the results are surprising given the slump in exploration last year, but reflect growing investor confidence.
He said the Alberta government`s work earlier this year to make royalty rates in the province more competitive with other regimes explains part of the resurgence.
Read the full article here.
Alberta has raised more money from the sale of conventional oil and gas drilling rights so far in 2010 than in any previous year.
Alberta Energy said Wednesday that $118 million flowed into the treasury from the most recent auction of non-oilsands leases and licences for 204,000 hectares of Crown land.
Combined with the $1.744 billion from 17 previous sales, the total comes to $1.862 billion, well ahead of 2005`s record $1.827 billion -- with five sales yet to be held. Land sales are considered a key indicator of future drilling intentions.
Don Herring, president of the Canadian Association of Oilwell Drilling Contractors, said the results are surprising given the slump in exploration last year, but reflect growing investor confidence.
He said the Alberta government`s work earlier this year to make royalty rates in the province more competitive with other regimes explains part of the resurgence.
Read the full article here.
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Slowing Edmonton home sales leave local inventory at double optimum level
EDMONTON — Where are the buyers? That`s the question on the minds of real estate agents and home sellers.
Sellers, on the other hand, are abundant in the local real estate market. More than 8,600 homes are listed for sale on the Multiple Listing Service in the Edmonton area -- some seven months` worth of inventory and about double what real estate agents would like to see with current demand.
But sales are slowing, according to MLS figures released Monday, with 1,187 residential sales in September -- down from 1,195 in August and 1,294 in July. September sales were down 23 per cent year-over-year.
Larry Westergard, president of the Realtors Association Edmonton, said the market was "resting" after a rush to buy earlier this year as buyers rushed to beat anticipated interest-rate hikes.
"Because we had so much more accelerated demand, a lot of those buyers made earlier-than-normal decisions in the market," Westergard said. "They came out of the market sooner than they normally would have."
The cooling demand has led to a glut of listings.
Read the full article here.
EDMONTON — Where are the buyers? That`s the question on the minds of real estate agents and home sellers.
Sellers, on the other hand, are abundant in the local real estate market. More than 8,600 homes are listed for sale on the Multiple Listing Service in the Edmonton area -- some seven months` worth of inventory and about double what real estate agents would like to see with current demand.
But sales are slowing, according to MLS figures released Monday, with 1,187 residential sales in September -- down from 1,195 in August and 1,294 in July. September sales were down 23 per cent year-over-year.
Larry Westergard, president of the Realtors Association Edmonton, said the market was "resting" after a rush to buy earlier this year as buyers rushed to beat anticipated interest-rate hikes.
"Because we had so much more accelerated demand, a lot of those buyers made earlier-than-normal decisions in the market," Westergard said. "They came out of the market sooner than they normally would have."
The cooling demand has led to a glut of listings.
Read the full article here.
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Mortgage scammer guilty of 14 charges
A man who helped orchestrate a massive mortgage scam in rural Alberta was found guilty this week of 14 fraud-related charges.
James Keith Steinhubl, 47, was part owner of a company called Canadian Best Homes (also known as Canada Best Homes) that was found to have defrauded mortgage lenders between 2000 and 2002.
Court of Queen`s Bench Justice Myra Bielby delivered her decision Monday, after a trial that lasted several months. Steinhubl, who represented himself, initially faced 60 counts of fraud.
"I observe that this case offers a primer on how safeguards in the real estate industry could be circumvented in the early 2000s to yield significant sums of mortgage money advanced on the basis of false representations," Bielby wrote in her decision.
Court heard during the trial that Steinhubl and his partner approached clients, called straw buyers, and convinced them to use their good credit to get mortgages on properties their company owned in Warburg and Empress.
Read the full article here.
A man who helped orchestrate a massive mortgage scam in rural Alberta was found guilty this week of 14 fraud-related charges.
James Keith Steinhubl, 47, was part owner of a company called Canadian Best Homes (also known as Canada Best Homes) that was found to have defrauded mortgage lenders between 2000 and 2002.
Court of Queen`s Bench Justice Myra Bielby delivered her decision Monday, after a trial that lasted several months. Steinhubl, who represented himself, initially faced 60 counts of fraud.
"I observe that this case offers a primer on how safeguards in the real estate industry could be circumvented in the early 2000s to yield significant sums of mortgage money advanced on the basis of false representations," Bielby wrote in her decision.
Court heard during the trial that Steinhubl and his partner approached clients, called straw buyers, and convinced them to use their good credit to get mortgages on properties their company owned in Warburg and Empress.
Read the full article here.
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Airdrie bus route could boost economy
A new intercity bus service linking Calgary with Airdrie, Alta., got moving on Monday.
Commuters and "reverse commuters" — the segment of Calgarians who work in the smaller centre about 15 kilometres north of city limits — will enjoy free transit for the first week of the Intercity Express, or ICE, service.
Reverse commuter Naren Garg said that from now on, he`s going to try to take the bus to work at the City of Airdrie from his inner-city Calgary condominium.
"I`m going to try it for about two months. It frees up more time to be able to do more things. That`s one of the things I`m hoping to take advantage of, is having that thirty or forty minutes available in the morning to read, get caught up on email, things like that," said Garg.
Airdrie Mayor Linda Bruce, also the chairwoman of the Calgary Regional Partnership, said in a news release that the ICE route is an investment that would create jobs, boost the regional economy and improve the environment.
Read the full article here.
A new intercity bus service linking Calgary with Airdrie, Alta., got moving on Monday.
Commuters and "reverse commuters" — the segment of Calgarians who work in the smaller centre about 15 kilometres north of city limits — will enjoy free transit for the first week of the Intercity Express, or ICE, service.
Three new buses will ply two separate routes: Route 901 East is a limited stop route accessing Calgary via the Centre Street corridor, while Route 902 West follows the more traditional commuter route, along Highway 2 to downtown Calgary.
Reverse commuter Naren Garg said that from now on, he`s going to try to take the bus to work at the City of Airdrie from his inner-city Calgary condominium.
"I`m going to try it for about two months. It frees up more time to be able to do more things. That`s one of the things I`m hoping to take advantage of, is having that thirty or forty minutes available in the morning to read, get caught up on email, things like that," said Garg.
Airdrie Mayor Linda Bruce, also the chairwoman of the Calgary Regional Partnership, said in a news release that the ICE route is an investment that would create jobs, boost the regional economy and improve the environment.
Read the full article here.
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$300M deal `transformative moment for Calgary`s East Village`: Developer
CALGARY - Standing on a podium with the Calgary Tower and the massive Bow tower under construction in the background, developer Ryan Bosa surveyed the landscape of East Village and said it "looks like a palette ready to be painted."
On Tuesday, the president of Embassy Development, a Vancouver-based company, announced plans to build a $300-million, 700,000-square-foot project of residential and retail space in the long-neglected neighbourhood just east of City Hall. It is the first major land development for that part of the city, representing about 15 per cent of the available developable land in the area and the first substantial development in the neighbourhood in almost a decade.
The project is being developed by Embassy Development and Bosa Development Corp.
"We`re bullish to be in Calgary now," said Bosa, adding this will be a unique opportunity to showcase next-generation building in urban design for mixed-use purposes.
Read the full article here.
CALGARY - Standing on a podium with the Calgary Tower and the massive Bow tower under construction in the background, developer Ryan Bosa surveyed the landscape of East Village and said it "looks like a palette ready to be painted."
On Tuesday, the president of Embassy Development, a Vancouver-based company, announced plans to build a $300-million, 700,000-square-foot project of residential and retail space in the long-neglected neighbourhood just east of City Hall. It is the first major land development for that part of the city, representing about 15 per cent of the available developable land in the area and the first substantial development in the neighbourhood in almost a decade.
The project is being developed by Embassy Development and Bosa Development Corp.
"We`re bullish to be in Calgary now," said Bosa, adding this will be a unique opportunity to showcase next-generation building in urban design for mixed-use purposes.
Read the full article here.
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Increased oilsands scrutiny a `fact of life,` says Imperial CEO
Unconventional resource development such as oilsands and shale gas are increasingly drawing the attention of shareholder activists and influencing corporate decision making, the head of one of Canada`s largest integrated oil companies said in Calgary Tuesday.
Speaking at an energy forum, Imperial Oil CEO Bruce March said companies involved in sectors such as oilsands extraction are finding themselves under greater pressure from shareholders to disclose the risks of their operations, especially in terms of environmental and social impacts.
"Without a doubt, in the past 10 years we`ve seen a growing global interest in key social issues," he said. "Overall, I think what shareholders are looking for is an increased understanding and increased disclosure of key risks."
While he acknowledged greater demands on executives to provide information, March said companies that strive for the highest levels of leadership and operational performance will be in the best position to meet the higher scrutiny.
Read the full article here.
Unconventional resource development such as oilsands and shale gas are increasingly drawing the attention of shareholder activists and influencing corporate decision making, the head of one of Canada`s largest integrated oil companies said in Calgary Tuesday.
Speaking at an energy forum, Imperial Oil CEO Bruce March said companies involved in sectors such as oilsands extraction are finding themselves under greater pressure from shareholders to disclose the risks of their operations, especially in terms of environmental and social impacts.
"Without a doubt, in the past 10 years we`ve seen a growing global interest in key social issues," he said. "Overall, I think what shareholders are looking for is an increased understanding and increased disclosure of key risks."
While he acknowledged greater demands on executives to provide information, March said companies that strive for the highest levels of leadership and operational performance will be in the best position to meet the higher scrutiny.
Read the full article here.
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- Mar 24, 2009
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Growth in Edmonton housing starts to slow
Housing starts in the Edmonton region in August continued a 14-month streak of year-over-year gains, but the pace is expected to cool in coming months, the Canada Mortgage and Housing Corp. said Thursday.
Construction began on 690 homes in the Edmonton census metropolitan area in August, up 23.7 per cent from 558 units in August 2009, according to preliminary statistics from the federal agency.
There were 519 single-detached houses started in August, up 38 per cent from the 375 units started a year earlier. For the year to date, 4,318 single-detached homes have been started, which is up 145 per cent from the same time last year.
For the first eight months of the year, total housing starts reached 7,018 in the Edmonton CMA, up from 2,921 at this time last year.
"The higher number of housing starts this year has lifted supply levels back to the level experienced in 2008," said CMHC senior market analyst Richard Goatcher, in a release.
Read the full article here.
Housing starts in the Edmonton region in August continued a 14-month streak of year-over-year gains, but the pace is expected to cool in coming months, the Canada Mortgage and Housing Corp. said Thursday.
Construction began on 690 homes in the Edmonton census metropolitan area in August, up 23.7 per cent from 558 units in August 2009, according to preliminary statistics from the federal agency.
There were 519 single-detached houses started in August, up 38 per cent from the 375 units started a year earlier. For the year to date, 4,318 single-detached homes have been started, which is up 145 per cent from the same time last year.
For the first eight months of the year, total housing starts reached 7,018 in the Edmonton CMA, up from 2,921 at this time last year.
"The higher number of housing starts this year has lifted supply levels back to the level experienced in 2008," said CMHC senior market analyst Richard Goatcher, in a release.
Read the full article here.
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First East Village project worth $300M
A major development deal has been struck by the Calgary Municipal Land Corporation to transform Calgary`s East Village.
The $300-million project set for a 2012 groundbreaking will deliver about 700,000 square feet of residential and retail space. Developers hope to have some of the nearly 600 new residential units available a year later.
The downtown neighbourhood — bordered by the Bow River in the north, Ninth Avenue S.E. in the south, Third Street S.E. in the west and the Elbow River in the east — hasn`t seen a substantial development in nearly a decade.
"When we first started here, it was 15 blocks of desolate wasteland, couple of abandoned buildings, old streets that hadn`t been looked after, some dying trees," said CMLC president Chris Ollenberger, whose organization was created by the city to help revitalize the area.
Read the full article here.
A major development deal has been struck by the Calgary Municipal Land Corporation to transform Calgary`s East Village.
The $300-million project set for a 2012 groundbreaking will deliver about 700,000 square feet of residential and retail space. Developers hope to have some of the nearly 600 new residential units available a year later.
The downtown neighbourhood — bordered by the Bow River in the north, Ninth Avenue S.E. in the south, Third Street S.E. in the west and the Elbow River in the east — hasn`t seen a substantial development in nearly a decade.
"When we first started here, it was 15 blocks of desolate wasteland, couple of abandoned buildings, old streets that hadn`t been looked after, some dying trees," said CMLC president Chris Ollenberger, whose organization was created by the city to help revitalize the area.
Read the full article here.