October 2011 Alberta Economic Fundamentals
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U.S. state department denies accusations of bias in pipeline decision
WASHINGTON ` The U.S. State Department is denying accusations of bias in its handling of the proposed Keystone XL oilsands pipeline amid revelations Monday that a senior American diplomat in Ottawa cheered on a lobbyist for Calgary-based TransCanada Corp. as he rounded up political support for the project in Washington.
Internal documents showed Marja Verloop, the U.S. Embassy's counsellor for energy and environment, congratulated TransCanada employee Paul Elliott after a prominent Democratic senator endorsed construction of Keystone XL.
"Go Paul!" Verloop wrote to Elliott on Sept. 10, 2010, after Montana Senator Max Baucus issued a statement announcing his support for the oilsands pipeline.
"Baucus support holds clout."
Read the full article here.
WASHINGTON ` The U.S. State Department is denying accusations of bias in its handling of the proposed Keystone XL oilsands pipeline amid revelations Monday that a senior American diplomat in Ottawa cheered on a lobbyist for Calgary-based TransCanada Corp. as he rounded up political support for the project in Washington.
Internal documents showed Marja Verloop, the U.S. Embassy's counsellor for energy and environment, congratulated TransCanada employee Paul Elliott after a prominent Democratic senator endorsed construction of Keystone XL.
"Go Paul!" Verloop wrote to Elliott on Sept. 10, 2010, after Montana Senator Max Baucus issued a statement announcing his support for the oilsands pipeline.
"Baucus support holds clout."
Read the full article here.
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Calgary MLS sales and prices increase in September
CALGARY ` Calgary`s residential real estate market saw an upswing in activity in September despite continued global economic turmoil, according to the Calgary Real Estate Board.
Data released by the board Monday indicated sales and prices increased during the month compared with a year ago.
There were 1,036 single-family MLS sales in September, up 8.25 per cent from September 2010. The average sale price was $466,167, an increase of 1.27 per cent from last year.
The condominium market saw 429 sales, up 17.21 per cent from September 2010, with an average price of $299,508, which was a year-over-year hike of 5.45 per cent.
Read the full article here.
CALGARY ` Calgary`s residential real estate market saw an upswing in activity in September despite continued global economic turmoil, according to the Calgary Real Estate Board.
Data released by the board Monday indicated sales and prices increased during the month compared with a year ago.
There were 1,036 single-family MLS sales in September, up 8.25 per cent from September 2010. The average sale price was $466,167, an increase of 1.27 per cent from last year.
The condominium market saw 429 sales, up 17.21 per cent from September 2010, with an average price of $299,508, which was a year-over-year hike of 5.45 per cent.
Read the full article here.
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Canadian real estate investors upbeat
CALGARY ` Calgary is listed as one of the prime markets in Canada to buy commercial real estate property, according to a global report released Monday.
According to the Colliers International Global Investor Sentiment Survey, no single city or province dominates where investors plan to buy over the next 12 months.
`Investors remain focused on primary markets such as Toronto, Vancouver, Calgary and Montreal, but also Edmonton and Ottawa,` said the report.
Read the full article here.
CALGARY ` Calgary is listed as one of the prime markets in Canada to buy commercial real estate property, according to a global report released Monday.
According to the Colliers International Global Investor Sentiment Survey, no single city or province dominates where investors plan to buy over the next 12 months.
`Investors remain focused on primary markets such as Toronto, Vancouver, Calgary and Montreal, but also Edmonton and Ottawa,` said the report.
Read the full article here.
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Alberta bankruptcies continue to fall in July
CALGARY ` Bankruptcies in Alberta continue to fall, according to the latest data by the Office of the Superintendent of Bankruptcy Canada released Monday.
In July, the number of Albertans filing for bankruptcy fell to 534, down 17.7 per cent from the previous month and a decrease of 14.7 per cent from July 2010.
Also, the number of Alberta businesses filing for bankruptcy dropped to 15, down 6.3 per cent from June and a decline of 44.4 per cent from July 2010.
Read the full article here.
CALGARY ` Bankruptcies in Alberta continue to fall, according to the latest data by the Office of the Superintendent of Bankruptcy Canada released Monday.
In July, the number of Albertans filing for bankruptcy fell to 534, down 17.7 per cent from the previous month and a decrease of 14.7 per cent from July 2010.
Also, the number of Alberta businesses filing for bankruptcy dropped to 15, down 6.3 per cent from June and a decline of 44.4 per cent from July 2010.
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Why Calgary is the best place to buy a house
There have been plenty of warnings that Canada`s housing market is overheated and that the gap between income and home prices is pushing the cost of home ownership in big cities out of the average Canadian family`s reach.
This is especially true in markets like Toronto and Vancouver, where the proportion of income required to buy a house has drastically increased in recent years. As York University professor Moshe Milevsky wrote in a recent Moneyville article, the average Canadian house price has doubled in the last 10 years, while median pay has increased by just 10 per cent.
Read the full article here.
There have been plenty of warnings that Canada`s housing market is overheated and that the gap between income and home prices is pushing the cost of home ownership in big cities out of the average Canadian family`s reach.
This is especially true in markets like Toronto and Vancouver, where the proportion of income required to buy a house has drastically increased in recent years. As York University professor Moshe Milevsky wrote in a recent Moneyville article, the average Canadian house price has doubled in the last 10 years, while median pay has increased by just 10 per cent.
Read the full article here.
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Surge in shale gas a "game changer" for North American petchems: Fitch
North American petrochemical producers are benefitting from the rise in shale gas production, which has translated into significant cost reductions for the likes of Dow Chemical, Chevron, Westlake Chemical, and Nova Chemicals.
`The increased availability of cheap natural gas liquids (NGL) feedstocks as a critical factor supporting the competitive position of North American commodity chemicals firms by pushing them down the cost curve versus global competitors,` says Fitch in a report on the shale gas industry.
Innovations in drilling technology including the controversial hydraulic fracturing has allowed many Canadian and U.S. companies to invest more capital and boost production. For downstream producers of petrochemicals and plastics, access to lower-cost NGL feedstocks has boosted export competitiveness in products such as ethylene, polyethylene, and other derivative products.
Read the full article here.
North American petrochemical producers are benefitting from the rise in shale gas production, which has translated into significant cost reductions for the likes of Dow Chemical, Chevron, Westlake Chemical, and Nova Chemicals.
`The increased availability of cheap natural gas liquids (NGL) feedstocks as a critical factor supporting the competitive position of North American commodity chemicals firms by pushing them down the cost curve versus global competitors,` says Fitch in a report on the shale gas industry.
Innovations in drilling technology including the controversial hydraulic fracturing has allowed many Canadian and U.S. companies to invest more capital and boost production. For downstream producers of petrochemicals and plastics, access to lower-cost NGL feedstocks has boosted export competitiveness in products such as ethylene, polyethylene, and other derivative products.
Read the full article here.
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Pressure builds to 'OK' Edmonton Arena
EDMONTON - With less than a month until a Katz Group-imposed deadline for a deal on a downtown arena, the Oilers president and CEO is pleading for supporters to increase pressure on politicians to push through the plan.
`I am sending this note to our key supporters because now is the time to mobilize,` reads the email sent Monday by Patrick LaForge. `If you and your organizations support the proposed downtown arena and Edmonton Arena District, it is important that you be heard and make your support known.`
Read the full article here.
EDMONTON - With less than a month until a Katz Group-imposed deadline for a deal on a downtown arena, the Oilers president and CEO is pleading for supporters to increase pressure on politicians to push through the plan.
`I am sending this note to our key supporters because now is the time to mobilize,` reads the email sent Monday by Patrick LaForge. `If you and your organizations support the proposed downtown arena and Edmonton Arena District, it is important that you be heard and make your support known.`
Read the full article here.
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Regulated rate option for electricity to jump almost 50 percent
CALGARY ` Enmax Corp. has increased its electricity regulated rate option for October by almost 50 per cent as demand outstrips supply for another month.
The Calgary-owned utility will be charging consumers not locked into long-term contracts 12.255 cents per kilowatt hour this month, up 49 per cent from September, when consumers paid 8.213 cents.
The average Calgary household`s power bill will come in about $132, compared to $95 in September, Enmax said.
Read the full article here.
CALGARY ` Enmax Corp. has increased its electricity regulated rate option for October by almost 50 per cent as demand outstrips supply for another month.
The Calgary-owned utility will be charging consumers not locked into long-term contracts 12.255 cents per kilowatt hour this month, up 49 per cent from September, when consumers paid 8.213 cents.
The average Calgary household`s power bill will come in about $132, compared to $95 in September, Enmax said.
Read the full article here.
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Tinkering of Edmonton LRT route not enough to appease critics
EDMONTON - City officials capped off a series of public consultation meetings by recommending the same route for the downtown LRT line that prompted an outcry from the community in the spring.
Transportation officials held an open house Wednesday night at the Winspear Centre, unveiling revised plans that still see the LRT run down 102nd Avenue. Planners hoped tweaks to the design would be enough to address concerns about the impact on Chinatown, particularly seniors who live in residences along the proposed route. But community members say it`s not enough.
`This is basically the same option, but given less of an extreme impact,` said Candas Jane Dorsey, vice-president of the Boyle Street Community League.
Read the full article here.
EDMONTON - City officials capped off a series of public consultation meetings by recommending the same route for the downtown LRT line that prompted an outcry from the community in the spring.
Transportation officials held an open house Wednesday night at the Winspear Centre, unveiling revised plans that still see the LRT run down 102nd Avenue. Planners hoped tweaks to the design would be enough to address concerns about the impact on Chinatown, particularly seniors who live in residences along the proposed route. But community members say it`s not enough.
`This is basically the same option, but given less of an extreme impact,` said Candas Jane Dorsey, vice-president of the Boyle Street Community League.
Read the full article here.
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Do Edmonton Arena deal right, or don't do it at all
EDMONTON ` If I were to buy Daryl Katz a Halloween treat this year, it wouldn`t be an apple or a popcorn ball. It would be nice shiny copy of How to Win Friends and Influence People.
Over the past few days, the Katz Group and the Edmonton Oilers have managed to alienate some of their closest allies, both on city council and in the larger community.
First, the Katz Group issued an effective ultimatum, insisting he city sign off on a final deal on a new downtown arena by Oct. 31 and compel Northlands, the not-for-profit group which operates Rexall Place, to sign a non-compete deal, which would guarantee the new Katz arena a concert monopoly.
Read the full article here.
EDMONTON ` If I were to buy Daryl Katz a Halloween treat this year, it wouldn`t be an apple or a popcorn ball. It would be nice shiny copy of How to Win Friends and Influence People.
Over the past few days, the Katz Group and the Edmonton Oilers have managed to alienate some of their closest allies, both on city council and in the larger community.
First, the Katz Group issued an effective ultimatum, insisting he city sign off on a final deal on a new downtown arena by Oct. 31 and compel Northlands, the not-for-profit group which operates Rexall Place, to sign a non-compete deal, which would guarantee the new Katz arena a concert monopoly.
Read the full article here.
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Enbridge oil sands project is years early, says energy research company
Enbridge Inc., Canada's largest pipeline operator, wouldn't need to build the Northern Gateway project to export Alberta's oil-sands crude for almost a decade if TransCanada Corp.'s Keystone XL is approved this year, according to IHS CERA, an energy research company.
The 732-mile (1,177-kilometer) Northern Gateway pipeline would pump 525,000 barrels a day from near Edmonton, Alberta, to the port of Kitimat, British Columbia, where crude would be loaded on tankers bound for Asia. The line, scheduled to start in 2017, would reduce Canadian dependence on U.S. markets and compete with the Keystone XL, designed to pipe 700,000 barrels a day to refineries in Texas along the Gulf of Mexico by 2013.
Jackie Forrest, a director of global oil at IHS CERA, said there won't be enough oil sands production to support Northern Gateway's launch even if, as she expects, Keystone XL approval helps the output double in 10 years to 3 million barrels a day.
Read the full article here.
Enbridge Inc., Canada's largest pipeline operator, wouldn't need to build the Northern Gateway project to export Alberta's oil-sands crude for almost a decade if TransCanada Corp.'s Keystone XL is approved this year, according to IHS CERA, an energy research company.
The 732-mile (1,177-kilometer) Northern Gateway pipeline would pump 525,000 barrels a day from near Edmonton, Alberta, to the port of Kitimat, British Columbia, where crude would be loaded on tankers bound for Asia. The line, scheduled to start in 2017, would reduce Canadian dependence on U.S. markets and compete with the Keystone XL, designed to pipe 700,000 barrels a day to refineries in Texas along the Gulf of Mexico by 2013.
Jackie Forrest, a director of global oil at IHS CERA, said there won't be enough oil sands production to support Northern Gateway's launch even if, as she expects, Keystone XL approval helps the output double in 10 years to 3 million barrels a day.
Read the full article here.
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Number of employment insurance recipients in Calgary down 36% over last year
CALGARY ` The employment picture in Calgary and in Alberta continues to shine.
According to Statistics Canada in data released Thursday, the number of people receiving regular Employment Insurance benefits in the Calgary census metropolitan area in July fell to 9,680, a year-over-year decline of 36.4 per cent or 5,530 people.
In Alberta, that number fell to 31,940, down 1,830 people or 5.4 per cent from the previous month and down 15,430 or 32.6 per cent from a year ago.
Read the full article here.
CALGARY ` The employment picture in Calgary and in Alberta continues to shine.
According to Statistics Canada in data released Thursday, the number of people receiving regular Employment Insurance benefits in the Calgary census metropolitan area in July fell to 9,680, a year-over-year decline of 36.4 per cent or 5,530 people.
In Alberta, that number fell to 31,940, down 1,830 people or 5.4 per cent from the previous month and down 15,430 or 32.6 per cent from a year ago.
Read the full article here.
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Alberta's unemployment rate dips to 5.4%: Statistics Canada
CALGARY ` Alberta`s unemployment rate dipped to 5.4 per cent in September from 5.6 per cent the previous month, according to Statistics Canada.
The federal agency reported Friday that 8,600 jobs were created in the province for a slight monthly gain of 0.4 per cent.
However, since September 2010 Alberta has seen 97,700 new jobs created for an increase of 4.8 per cent.
Robert Kavcic, an economist with BMO Capital Markets, said that job growth in Alberta continues to separate itself from the rest of the country, with employment up for five straight months.
Read the full article here.
CALGARY ` Alberta`s unemployment rate dipped to 5.4 per cent in September from 5.6 per cent the previous month, according to Statistics Canada.
The federal agency reported Friday that 8,600 jobs were created in the province for a slight monthly gain of 0.4 per cent.
However, since September 2010 Alberta has seen 97,700 new jobs created for an increase of 4.8 per cent.
Robert Kavcic, an economist with BMO Capital Markets, said that job growth in Alberta continues to separate itself from the rest of the country, with employment up for five straight months.
Read the full article here.
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Passion for public transit bodes well for province
Alison Redford stood out as the strongest booster of the province's major cities when it came to the top contenders for Premier Ed Stelmach's job.
During the leadership race, I questioned Redford, Doug Horner, Ted Morton and Gary Mar to get their take on such city issues as transit, municipal funding and the democratic rights of urban voters.
All of the candidates came across as boosters of rapid transit, but Redford, who will be sworn in Friday as premier, was the most enthusiastic and committed to C-Train and LRT expansion in Calgary and Edmonton.
Read the full article here.
Alison Redford stood out as the strongest booster of the province's major cities when it came to the top contenders for Premier Ed Stelmach's job.
During the leadership race, I questioned Redford, Doug Horner, Ted Morton and Gary Mar to get their take on such city issues as transit, municipal funding and the democratic rights of urban voters.
All of the candidates came across as boosters of rapid transit, but Redford, who will be sworn in Friday as premier, was the most enthusiastic and committed to C-Train and LRT expansion in Calgary and Edmonton.
Read the full article here.
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Edmonton housing market figures make homeowners smile
The owners of single family homes in Edmonton and area have seen the value of their property increase more than many other investments. While the stock market and dollar have plunged recently and interest on savings accounts is minimal, local homeowners are seeing a five percent increase in the value of their residential property this year. Compared to prices on December 31, 2010, a single family dwelling has increased on average* 5.1 per cent and a condo has increased 4.7 per cent.
`REALTORSÂ remain optimistic about the future of the local market,` said REALTORSÂ Association of Edmonton President Chris Mooney. `In January, we forecast that single family homes would be priced about three percent higher at year end. Now they are priced five percent higher and we don`t anticipate that prices will soften very much in the fourth quarter. We did not anticipate an overall increase in condo prices so we are a little surprised that condo prices are also up almost five percent.`
The average price for a single family detached home in September was $375,738, up 1.4 per cent from a month earlier. The average price of a condo was up 2.1 per cent to $236,125 during the same period. The average residential price in the Greater Edmonton area in September was up 2.6 per cent to $332,782 from $324,217 in August. Duplex and row house sales of just 66 units in September showed an average price drop of 3.2 per cent to $296,117.
Read the full article here.
The owners of single family homes in Edmonton and area have seen the value of their property increase more than many other investments. While the stock market and dollar have plunged recently and interest on savings accounts is minimal, local homeowners are seeing a five percent increase in the value of their residential property this year. Compared to prices on December 31, 2010, a single family dwelling has increased on average* 5.1 per cent and a condo has increased 4.7 per cent.
`REALTORSÂ remain optimistic about the future of the local market,` said REALTORSÂ Association of Edmonton President Chris Mooney. `In January, we forecast that single family homes would be priced about three percent higher at year end. Now they are priced five percent higher and we don`t anticipate that prices will soften very much in the fourth quarter. We did not anticipate an overall increase in condo prices so we are a little surprised that condo prices are also up almost five percent.`
The average price for a single family detached home in September was $375,738, up 1.4 per cent from a month earlier. The average price of a condo was up 2.1 per cent to $236,125 during the same period. The average residential price in the Greater Edmonton area in September was up 2.6 per cent to $332,782 from $324,217 in August. Duplex and row house sales of just 66 units in September showed an average price drop of 3.2 per cent to $296,117.
Read the full article here.
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25 big builds shaping Canada's energy infrastructure
As the price of oil continues to move upwards, the need for additional supplies of one of the world`s most sought-after commodities is increasing. Capital spending in Canada`s petroleum sector is expected to hit $44 billion in 2011 and industry players are accelerating development of projects to ship Canadian black gold to hungry markets in the U.S. and the Pacific Rim. Oil sands projects figure prominently in Alberta Oil`s third annual rundown of infrastructure projects shaping Canada`s energy future. But the list also includes a healthy dose of hydro, wind, solar, natural gas and carbon capture projects. That`s an indication of how varied the nation`s energy industry has become, and how important renewable and less carbon-intensive energy sources will be to the growth of the industry in the coming decades.
Read the full article here.
As the price of oil continues to move upwards, the need for additional supplies of one of the world`s most sought-after commodities is increasing. Capital spending in Canada`s petroleum sector is expected to hit $44 billion in 2011 and industry players are accelerating development of projects to ship Canadian black gold to hungry markets in the U.S. and the Pacific Rim. Oil sands projects figure prominently in Alberta Oil`s third annual rundown of infrastructure projects shaping Canada`s energy future. But the list also includes a healthy dose of hydro, wind, solar, natural gas and carbon capture projects. That`s an indication of how varied the nation`s energy industry has become, and how important renewable and less carbon-intensive energy sources will be to the growth of the industry in the coming decades.
Read the full article here.
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Facts on Alberta's oil sands
`Alberta`s heavy oil resources are a growing contributor to the world oil supply and a stable, secure energy source for domestic and international markets.
`Alberta has proven oil reserves of 171.3 billion barrels.
`This is enough oil to meet Canada`s current oil demand for almost 400 years.
`The oil sands are the second-largest proven crude oil reserve in the world, next to Saudi Arabia.
Read the full report here.
`Alberta`s heavy oil resources are a growing contributor to the world oil supply and a stable, secure energy source for domestic and international markets.
`Alberta has proven oil reserves of 171.3 billion barrels.
`This is enough oil to meet Canada`s current oil demand for almost 400 years.
`The oil sands are the second-largest proven crude oil reserve in the world, next to Saudi Arabia.
Read the full report here.
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Calgary housing starts rise for the second straight month: CMHC
CALGARY ` Housing starts in the Calgary census metropolitan area have risen for the second consecutive month.
Canada Mortgage and Housing Corp. said Tuesday that total starts in the region were 810 in September, up 1.8 per cent from the 796 units in September 2010.
Single-detached starts reached 417 units in September, an increase of 13.3 per cent from the 368 units started a year earlier.
Read the full article here.
CALGARY ` Housing starts in the Calgary census metropolitan area have risen for the second consecutive month.
Canada Mortgage and Housing Corp. said Tuesday that total starts in the region were 810 in September, up 1.8 per cent from the 796 units in September 2010.
Single-detached starts reached 417 units in September, an increase of 13.3 per cent from the 368 units started a year earlier.
Read the full article here.