October 2012 Alberta Economic Fundamentals
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Premiers meeting on Northern Gateway pipeline turns 'frosty'
CALGARY ` Christy Clark and Alison Redford both described a brief Monday meeting in Calgary as `frosty,` but that`s where agreement between the two western premiers ended.
For the first time since a testy exchange this summer, the two premiers met for about 20 minutes to discuss Clark`s five demands regarding the proposed Northern Gateway pipeline project.
Based on the leaders` comments to reporters following the meeting, no resolution is in sight.
The British Columbia premier insisted her ultimatum for a `fair share of the fiscal and economic benefits` from any oilsands pipeline that travels across her province isn`t as rigid as it`s been made out to be.
Read the full article here.
CALGARY ` Christy Clark and Alison Redford both described a brief Monday meeting in Calgary as `frosty,` but that`s where agreement between the two western premiers ended.
For the first time since a testy exchange this summer, the two premiers met for about 20 minutes to discuss Clark`s five demands regarding the proposed Northern Gateway pipeline project.
Based on the leaders` comments to reporters following the meeting, no resolution is in sight.
The British Columbia premier insisted her ultimatum for a `fair share of the fiscal and economic benefits` from any oilsands pipeline that travels across her province isn`t as rigid as it`s been made out to be.
Read the full article here.
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Detached bungalows in Edmonton post strong price gains during third quarter
EDMONTON
, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed price appreciation across most housing types surveyed in Edmonton, while standard condominiums posted slight year-over-year price decreases.
The average price of a detached bungalow increased 7.5 per cent year-over-year to $335,429, while standard two-storey homes rose 1.5 per cent to $356,714. Standard condominiums saw an average year-over-year price decrease of 0.6 per cent to $202,714.
Read the full article here.
EDMONTON
, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed price appreciation across most housing types surveyed in Edmonton, while standard condominiums posted slight year-over-year price decreases. The average price of a detached bungalow increased 7.5 per cent year-over-year to $335,429, while standard two-storey homes rose 1.5 per cent to $356,714. Standard condominiums saw an average year-over-year price decrease of 0.6 per cent to $202,714.
Read the full article here.
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Detached bungalows in Calgary show healthy price gains during third quarter of 2012
CALGARY
, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed healthy year-over-year price increases for detached bungalows and standard two-storey homes in Calgary, while the average standard condominium posted a slight year-over-year decrease.
In the third quarter, detached bungalows posted the largest year-over-year price increases, rising 6.5 per cent to $434,267. Prices for standard two-storey homes rose a modest 4.1 per cent year-over-year to $431,544, while standard condominiums declined slightly by 2.1 per cent year-over-year to $249,167.
Read the full article here.
CALGARY
, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed healthy year-over-year price increases for detached bungalows and standard two-storey homes in Calgary, while the average standard condominium posted a slight year-over-year decrease. In the third quarter, detached bungalows posted the largest year-over-year price increases, rising 6.5 per cent to $434,267. Prices for standard two-storey homes rose a modest 4.1 per cent year-over-year to $431,544, while standard condominiums declined slightly by 2.1 per cent year-over-year to $249,167.
Read the full article here.
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Fort McMurray in balanced real estate market
FORT MCMURRAY
, AB, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed a modest increase for standard two-storey homes, while detached bungalows and standard condominiums posted year-over-year price declines in Fort McMurray.
Prices for standard two-storey homes posted a modest increase of 1.4 per cent year-over-year to $730,000, while detached bungalows declined slightly by 1.8 per cent to $625,000. Standard condominiums decreased 7.9 per cent to $350,000.
Read the full article here.
FORT MCMURRAY
, AB, Oct. 3, 2012 /CNW/ - The Royal LePage House Price Survey released today showed a modest increase for standard two-storey homes, while detached bungalows and standard condominiums posted year-over-year price declines in Fort McMurray. Prices for standard two-storey homes posted a modest increase of 1.4 per cent year-over-year to $730,000, while detached bungalows declined slightly by 1.8 per cent to $625,000. Standard condominiums decreased 7.9 per cent to $350,000.
Read the full article here.
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Calgary house prices on the rise
CALGARY ` Prices for detached bungalows and standard two-storey homes in Calgary have risen from a year ago, according to the Royal LePage House Price Survey released Wednesday.
But average prices for standard condominiums have decreased slightly.
In the third quarter, detached bungalows posted the largest year-over-year price increases, rising 6.5 per cent to $434,267. Prices for standard two-storey homes rose 4.1 per cent to $431,544, while standard condominiums declined slightly by 2.1 per cent to $249,167.
Read the full article here.
CALGARY ` Prices for detached bungalows and standard two-storey homes in Calgary have risen from a year ago, according to the Royal LePage House Price Survey released Wednesday.
But average prices for standard condominiums have decreased slightly.
In the third quarter, detached bungalows posted the largest year-over-year price increases, rising 6.5 per cent to $434,267. Prices for standard two-storey homes rose 4.1 per cent to $431,544, while standard condominiums declined slightly by 2.1 per cent to $249,167.
Read the full article here.
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Calgary downtown office demand changes direction
CALGARY ` Calgary`s downtown office market experienced something in the third quarter it has not seen for more than two years ` softening in demand for space.
A report by Newmark Knight Frank Devencore says absorption, the change in occupied space, in the quarter was a negative 141,200 square feet, the first negative absorption quarter in more than two years.
Michael Gigliuk, the real estate company`s vice-president/associate and author of the report, said the negative absorption `signals a change in the direction in the office demand cycle in downtown Calgary.`
Read the full article here.
CALGARY ` Calgary`s downtown office market experienced something in the third quarter it has not seen for more than two years ` softening in demand for space.
A report by Newmark Knight Frank Devencore says absorption, the change in occupied space, in the quarter was a negative 141,200 square feet, the first negative absorption quarter in more than two years.
Michael Gigliuk, the real estate company`s vice-president/associate and author of the report, said the negative absorption `signals a change in the direction in the office demand cycle in downtown Calgary.`
Read the full article here.
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Alberta in the economic driver's seat
CALGARY ` Canada`s economic growth is being driven by resource-rich Western provinces, according to a Bank of Montreal report released Tuesday.
Alberta leads the pack, with the bank predicting 3.5 per cent real GDP growth this year, falling back a bit to 2.9 per cent in 2013.
`The energy sector remains the key driver of economic activity in the province, with crude bitumen production up 16 per cent year-over-year through the first half of the year, and the Energy Resources Conservation Board expecting oilsands output to more than double by 2021,` said economist Robert Kavcic.
The energy sector`s strength has attracted workers from elsewhere in Canada to Alberta, which has the country`s lowest unemployment rate at 4.4 per cent.
Read the full article here.
CALGARY ` Canada`s economic growth is being driven by resource-rich Western provinces, according to a Bank of Montreal report released Tuesday.
Alberta leads the pack, with the bank predicting 3.5 per cent real GDP growth this year, falling back a bit to 2.9 per cent in 2013.
`The energy sector remains the key driver of economic activity in the province, with crude bitumen production up 16 per cent year-over-year through the first half of the year, and the Energy Resources Conservation Board expecting oilsands output to more than double by 2021,` said economist Robert Kavcic.
The energy sector`s strength has attracted workers from elsewhere in Canada to Alberta, which has the country`s lowest unemployment rate at 4.4 per cent.
Read the full article here.
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Albertans in upbeat mood about economy
CALGARY ` From business owners to consumers, there is a spring in most people`s steps these days, an upbeat mood about the Alberta economy despite some turbulent economic waters elsewhere in the world.
On Tuesday, a report by BMO Economics said Alberta`s economy continues to outperform amid rising oil production and accelerating inward migration. The report said the province will sit atop the Canadian leaderboard this year, with growth hitting 3.5 per cent before falling back slightly to 2.9 per cent in 2013. In Canada, GDP growth is expected to hit 2.2 per cent this year and 2.0 per cent next year.
Read the full article here.
CALGARY ` From business owners to consumers, there is a spring in most people`s steps these days, an upbeat mood about the Alberta economy despite some turbulent economic waters elsewhere in the world.
On Tuesday, a report by BMO Economics said Alberta`s economy continues to outperform amid rising oil production and accelerating inward migration. The report said the province will sit atop the Canadian leaderboard this year, with growth hitting 3.5 per cent before falling back slightly to 2.9 per cent in 2013. In Canada, GDP growth is expected to hit 2.2 per cent this year and 2.0 per cent next year.
Read the full article here.
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Alberta job growth slows
Alberta's robust job creation machine - responsible for the country's lowest unemployment rate - is beginning to show signs of fatigue.
Statistics Canada said Friday that the province's unemployment rate remained unchanged at 4.4 per cent in September when 2,100 jobs were created. That was well off the pace of what proved to be one of the year's strongest job creation months nationally, with the addition of an eye-popping 52,100 new jobs that was five times more than economists expected. Todd Hirsch, senior economist with ATB Financial, said while Friday's numbers confirm a moderating trend in Alberta's labour market, employers stand to benefit.
Read the full article here.
Alberta's robust job creation machine - responsible for the country's lowest unemployment rate - is beginning to show signs of fatigue.
Statistics Canada said Friday that the province's unemployment rate remained unchanged at 4.4 per cent in September when 2,100 jobs were created. That was well off the pace of what proved to be one of the year's strongest job creation months nationally, with the addition of an eye-popping 52,100 new jobs that was five times more than economists expected. Todd Hirsch, senior economist with ATB Financial, said while Friday's numbers confirm a moderating trend in Alberta's labour market, employers stand to benefit.
Read the full article here.
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Firm oil prices to keep Calgary's housing market healthy
CALGARY ` Firm oil prices should keep Calgary`s economy and housing market healthy this year and next, although risks remain, according to a housing market report released Thursday by the Conference Board of Canada.
`The main risk to Calgary`s economy and, in turn, its housing market is the prospect of a global economic slowdown,` said Robin Wiebe, senior economist with the Centre for Municipal Studies with the board, who authored the report. `Oil prices move closely with International Monetary Fund estimates of world economic GDP. IMF forecasts of decent global growth are positive for Calgary`s economy and housing markets, but U.S. recession, greater-than expected slowing in China or an economic meltdown in Europe could rapidly sour this outlook. For now, though, this oil-greased market is sliding decently.`
Read the full article here.
CALGARY ` Firm oil prices should keep Calgary`s economy and housing market healthy this year and next, although risks remain, according to a housing market report released Thursday by the Conference Board of Canada.
`The main risk to Calgary`s economy and, in turn, its housing market is the prospect of a global economic slowdown,` said Robin Wiebe, senior economist with the Centre for Municipal Studies with the board, who authored the report. `Oil prices move closely with International Monetary Fund estimates of world economic GDP. IMF forecasts of decent global growth are positive for Calgary`s economy and housing markets, but U.S. recession, greater-than expected slowing in China or an economic meltdown in Europe could rapidly sour this outlook. For now, though, this oil-greased market is sliding decently.`
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Caution is king as oilpatch budget season begins
Executive teams at Calgary's oil and gas producers are these days busy crunching the numbers - and the reworked and reworked-again numbers - from their finance, operations and strategic planning people to develop their 2013 spending plans.
The stakes are high in these discussions, with capital expenditures in Canada's oil and gas sector expected to exceed $55 billion in 2012.
The shifting fortunes in commodity prices means the dynamic within the budgeting process has reversed from recent years. Analysts now see that most of the downside risk on pricing is linked to crude oil and much of the upside potential looks tied to natural gas.
Read the full article here.
Executive teams at Calgary's oil and gas producers are these days busy crunching the numbers - and the reworked and reworked-again numbers - from their finance, operations and strategic planning people to develop their 2013 spending plans.
The stakes are high in these discussions, with capital expenditures in Canada's oil and gas sector expected to exceed $55 billion in 2012.
The shifting fortunes in commodity prices means the dynamic within the budgeting process has reversed from recent years. Analysts now see that most of the downside risk on pricing is linked to crude oil and much of the upside potential looks tied to natural gas.
Read the full article here.
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Alberta power rates highest in the country
EDMONTON ` Residents of Calgary and Edmonton still pay among the highest prices for electricity in the country, according to the annual Hydro Quebec power pricing survey.
The good news for consumers is the price, calculated on April 1, is a few cents lower than it was last year at the same time.
The bad news is the electricity price in Calgary and Edmonton has climbed two to three cents since April.
Read the full article here.
EDMONTON ` Residents of Calgary and Edmonton still pay among the highest prices for electricity in the country, according to the annual Hydro Quebec power pricing survey.
The good news for consumers is the price, calculated on April 1, is a few cents lower than it was last year at the same time.
The bad news is the electricity price in Calgary and Edmonton has climbed two to three cents since April.
Read the full article here.
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Lowest unemployment rate in Alberta
CALGARY ` Alberta had the lowest unemployment rate in the country in September, according to Statistics Canada.
But the province`s job machine appears to be slowing down.
The federal agency reported Friday that the province`s unemployment rate remained at 4.4 per cent during the month, the same as in August. In the Calgary census metropolitan area, the unemployment rate rose slightly from 4.6 per cent in August to 4.7 per cent in September.
Nationally, the unemployment rate rose 0.1 percentage points to 7.4 per cent.
Read the full article here.
CALGARY ` Alberta had the lowest unemployment rate in the country in September, according to Statistics Canada.
But the province`s job machine appears to be slowing down.
The federal agency reported Friday that the province`s unemployment rate remained at 4.4 per cent during the month, the same as in August. In the Calgary census metropolitan area, the unemployment rate rose slightly from 4.6 per cent in August to 4.7 per cent in September.
Nationally, the unemployment rate rose 0.1 percentage points to 7.4 per cent.
Read the full article here.
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Calgary year-over-year housing sales growth best in Canada
CALGARY ` While most of Canada`s major centres recorded year-over-year MLS sales declines in September, Calgary went against the tide with the highest annual growth rate in the country.
According to the Canadian Real Estate Association, MLS sales in Calgary rose by 14.8 per cent from September 2011 to 2,054 transactions.
In contrast, sales across the country fell by 15.1 per cent to 32,192.
But the average MLS sale price in Calgary dipped by 0.9 per cent in September to $402,756.
Read the full article here.
CALGARY ` While most of Canada`s major centres recorded year-over-year MLS sales declines in September, Calgary went against the tide with the highest annual growth rate in the country.
According to the Canadian Real Estate Association, MLS sales in Calgary rose by 14.8 per cent from September 2011 to 2,054 transactions.
In contrast, sales across the country fell by 15.1 per cent to 32,192.
But the average MLS sale price in Calgary dipped by 0.9 per cent in September to $402,756.
Read the full article here.
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U.S. market for Alberta oil strong and enduring
EDMONTON - Despite a drop in demand for oil in the United States, Alberta producers will always have a strong market south of the border, says Peter Kujawinski, the new U.S. Consul General in his first visit to Edmonton.
Though he`s been in Alberta less than a month, Kujawinski has already visited the oilsands and his Calgary office is welcoming the first American tradesman to Fort McMurray under the new labour mobility agreement ` all which signal of the importance of the oilsands in the Canada ` U.S. energy relationship, he told the Journal in an interview.
Read the full article here.
EDMONTON - Despite a drop in demand for oil in the United States, Alberta producers will always have a strong market south of the border, says Peter Kujawinski, the new U.S. Consul General in his first visit to Edmonton.
Though he`s been in Alberta less than a month, Kujawinski has already visited the oilsands and his Calgary office is welcoming the first American tradesman to Fort McMurray under the new labour mobility agreement ` all which signal of the importance of the oilsands in the Canada ` U.S. energy relationship, he told the Journal in an interview.
Read the full article here.
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800 employees heading back to XL foods plant
BROOKS ` Roughly 800 employees from the shuttered meat-packing plant in Brooks have been told to report to work on Tuesday.
The announcement comes one day after XL Foods Inc. officials temporarily laid off more than 80 per cent of the plant`s 2,400 employees and effectively aborted its bid to fully reopen the massive slaughterhouse.
Read the full article here.
BROOKS ` Roughly 800 employees from the shuttered meat-packing plant in Brooks have been told to report to work on Tuesday.
The announcement comes one day after XL Foods Inc. officials temporarily laid off more than 80 per cent of the plant`s 2,400 employees and effectively aborted its bid to fully reopen the massive slaughterhouse.
Read the full article here.
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Alberta tops Canada in annual decline in regular EI recipients
CALGARY ` While the number of people receiving regular Employment Insurance benefits increased in August, Alberta still had the biggest year-over-year decrease in recipients, according to data released Thursday by Statistics Canada.
The federal agency reported that 26,620 people in the province received regular benefits in August, up 890 or 3.5 per cent from July. But the number was down 5,740 people or 17.7 per cent from August 2011.
Read the full article here.
CALGARY ` While the number of people receiving regular Employment Insurance benefits increased in August, Alberta still had the biggest year-over-year decrease in recipients, according to data released Thursday by Statistics Canada.
The federal agency reported that 26,620 people in the province received regular benefits in August, up 890 or 3.5 per cent from July. But the number was down 5,740 people or 17.7 per cent from August 2011.
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Alberta wholesale sector sees best annual hike
CALGARY ` Wholesale sales in Alberta rose by 10.1 per cent year-over-year in August to $6.5 billion, the highest annual growth rate among all Canadian provinces, according to Statistics Canada.
The federal agency reported Thursday that sales were also up by 0.1 per cent from the previous month.
Read the full article here.
CALGARY ` Wholesale sales in Alberta rose by 10.1 per cent year-over-year in August to $6.5 billion, the highest annual growth rate among all Canadian provinces, according to Statistics Canada.
The federal agency reported Thursday that sales were also up by 0.1 per cent from the previous month.
Read the full article here.