October 2013 Alberta Economic Fundamentals

[Ally]

Alberta unemployment rate dips to 4.3%




CALGARY ` Alberta`s unemployment rate dipped to 4.3 per cent in September, down from 4.8 per cent the previous month, and is tied with Saskatchewan for the lowest level in the country, says Statistics Canada.




The federal agency reported Friday that employment in Alberta rose by 4,000 positions, or 0.2 per cent, from August while it grew by 3.7 per cent or 80,300 positions year-over-year, which was the highest growth rate in the country.





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[Ally]

Mega Asian shopping mall with 500 spaces planned north of Calgary




CALGARY ` A mega mall just north of Calgary will house more than 500 retail stores, services and restaurants.




The New Horizon Mall is a unique, traditional Asian shopping centre concept with modern architecture where condo spaces in the centre will be for sale to retailers or investors as opposed to the traditional model of leasing. It is located on the east side of the Queen Elizabeth 2 Highway, just north of the Calgary International Airport and just south of the CrossIron Mills shopping centre.





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[Ally]

U of A Business School could be on the move downtown




EDMONTON - The Alberta School of Business could move from the University of Alberta campus to downtown Edmonton if a proposed performing arts centre goes ahead.




`The School of Business might have an opportunity; possibly a unique opportunity to move into a state-of-the-art building and receive a significant input of new resources including faculty positions as part of a development of a downtown campus,` U of A Business School dean Joseph Doucet told an audience at the school`s annual Report to the Community lunch on Wednesday.



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[Ally]

Kitimat LNG project's fate depends on numbers





CALGARY ` Funding for the Kitimat LNG project is dependent on its ability to beat out other internal ventures as it nears a final investment decision as early as next year, Chevron Canada president Jeff Lehrmann said Wednesday.




He told reporters after a speech at the 2013 Calgary Energy Roundtable conference on Wednesday that the San Ramon, Calif.-based parent company has dozens of projects it can invest in and it will go with the best ones.





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[Ally]

Alberta consumer spending growth leads Canada in Q3



CALGARY ` The prairie provinces led the growth in consumer spending during the third quarter of this year with Alberta at the top.






Moneris Solutions Corporation, Canada`s largest credit and debit card processor, said that despite devastating floods in June, Alberta had the highest year-over-year growth during the third quarter, with a 7.18 per cent increase in spending, followed by Manitoba and Saskatchewan, where spending grew by 6.63 per cent and 6.46 per cent, respectively.





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[Ally]

Alberta manufacturing sales reach $6.5 billion




CALGARY ` Manufacturing sales in Alberta rose by 1.9 per cent to $6.5 billion in August, according to Statistics Canada.




The federal agency reported Wednesday that sales were also up 8.0 per cent year-over-year in the province.





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[Ally]

Calgary house price growth tops national average




CALGARY - Price growth for repeat home sales in Calgary topped the national average in September and was the second highest year-over-year hike in the country.




According to the Teranet-National Bank House Price Index, which was released Tuesday, Calgary saw prices jump by 5.6 per cent from last year. Hamilton led the country with 5.9 per cent year-over-year growth. The national composite of 11 centres experienced a 2.7 per cent increase.





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[Ally]

Canadian crude discount expected to stay steep




Prices for light synthetic crude from the oil sands recently slid to the steepest discount in 18 months versus the U.S. crude benchmark, and is expected to stay relatively cheap due to Canada`s surging production and congested pipelines.




Some Canadian crude market players said discounts could become the new norm for synthetic grades, which traditionally had traded around parity with West Texas Intermediate.





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[Ally]

Calgary`s housing market appears to be heating up again.


According to figures released by the Canadian Real Estate Association (CREA), residential sales in Calgary in September were up more than 20 per cent over the same month last year. CREA's reports include statistics provided by local real estate associations, including the Calgary Real Estate Board.




Ross Kay, a Calgary real estate industry consultant, says the year-over-year increase in September is also due to a new factor, the inclusion of private sales listings on the Multiple Listing Service.





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[Ally]

Edmonton housing market overtakes Calgary in investment ranking





CALGARY ` Edmonton has overtaken Calgary as the top community in Alberta to invest in residential real estate.




The ranking was done by the Real Estate Invesment Network and released Saturday. Edmonton was second behind Calgary on last year`s list.





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[Ally]

Alberta at the crossroads - debts, pipelines, floods





The easy years of giant surpluses created by a burgeoning energy industry and increased prosperity seem to have come abruptly to an end.




The province is now burdened by debts, the oilsands are under increasing attack from a well-heeled environmental lobby and from the European Union, pipeline projects including the Northern Gateway intended to carry bitumen to markets in Asia and the Keystone project intended for North American refineries are facing fierce opposition, and southern Alberta was ravaged by floods in 2013. Add to the mix the fact that the "bitumen bubble," while much smaller than it once was, will not be punctured any time soon and that prices for natural gas remain low.





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[Ally]

Nenshi triumphant: 'Calgarians have spoken loud and clear'




Naheed Nenshi entered his re-election campaign for mayor as an overwhelming favourite, battled like a feisty underdog and exited as a triumphant victor.




The purple wave that put Nenshi into the mayor`s chair in 2010 turned into a tsunami Monday night.




The 41-year-old former business professor captured his second term as Calgary`s mayor with a massive victory over his nearest competitor, former alderman and Tory MLA Jon Lord.





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[Ally]

Alberta helps fuel strong MLS sales in Canada




CALGARY ` Led by gains in Calgary, Edmonton, Greater Vancouver and Greater Toronto, Canada`s housing market experienced soaring MLS sales in September compared with a year ago.




The Canadian Real Estate Association said Tuesday that national sales of 38,147 during the month were up 18.2 per cent from September 2012.




That is roughly on par with the 10-year average in September. The 18.2 per cent increase compared to year-ago levels reflects weakened activity at that time, said CREA.



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[Ally]

Local firm clearing the air for flooded families




It doesn't come much simpler than sunlight and water, but it's the basis of success for a Calgary-based environmental cleaning company that is taking on the world.




Environmental Air Cleaning's secret is the breakthrough technology allowing it to replicate those natural cleansing properties in closed environments - the flood ravaged basements of many homes in southern Alberta being the most current and poignant example.





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[Ally]

Alberta, China sign 'landmark' trade deal on energy development





EDMONTON - Alberta and China have signed what they term a landmark deal to increase trade ties and collaboration between the two jurisdictions.




Alberta Energy Minister Ken Hughes says the framework on sustainable energy development, while non-binding, opens doors to get Alberta's oil and gas to the rapidly expanding economy of the Asian nation.





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[Ally]

Edmonton secondary suite grants




The City of Edmonton is introducing Cornerstones II: Edmonton's Plan for Affordable Housing (2012 - 2016), a five-year plan dedicated to increasing the supply and improving the condition of affordable housing.




Like the original Cornerstones plan (2006 - 2011), Cornerstones II includes five-year grant funding to the popular Secondary Suites program. Designed to increase safe, affordable housing options for lower income households in Edmonton, the Secondary Suites grant program encourages upgrading and creating new Secondary Suites in compliance with health and safety standards.





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[Ally]

Calgary homebuyers forced to make quick decisions in sizzling market




CALGARY- Those searching for their home sweet home are getting a rude awakening, when it comes to Calgary`s housing market.




The Calgary Real Estate Board (CREB) was expecting sales and prices to rise two-to-three per cent this fall, but October numbers are already at a nearly seven per cent increase. That also means buyers are forced to make quick decisions.



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[Ally]

Tsuu T'ina overwhelmingly approve ring road deal




In a historic decision that could finally end more than five decades of traffic and political gridlock, members of the Tsuu T`ina Nation have voted overwhelmingly in favour of the province`s multi-million dollar southwest ring road proposal, multiple sources say.




The official results of the band referendum that was held on Thursday are set to be released on Friday.




Sources said late Thursday that about 900 band members voted, with close to 650 band members voting in favour of the deal.





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[Ally]

Positive short-term expectations for Calgary housing starts




CALGARY ` A report by the Conference Board of Canada says short-term expectations for housing starts in the Calgary region are positive.




But the report said the expectations in the long-term are negative for the Calgary census metropolitan area.





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[Ally]

Analysts don't like Northern Gateway Pipeline's chances of approval




Enbridge Inc.'s Northern Gateway has the least chance of being approved among the pipelines being proposed in the country, according to analysts.




"We see Northern Gateway as the most vulnerable," Samir Kayande, vice president at ITG Investments, said during a panel discussion on the Financial Post website this week.





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