September 2015 Economic Fundamentals
- Thread starter Ally
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Calgary resale housing market continues to slide amid economic uncertainty
According to the Calgary Real Estate Board, MLS sales in the city totalled 1,643 in August, which was down 27 per cent from a year ago. New listings fell by 12.7 per cent to 2,733 and active listings at the end of the month rose by 12.1 per cent to 5,146.
The average MLS sale price decreased by 1.9 per cent to $466,570 while the median price was up by 0.5 per cent to $422,500.
Read the full article here.
According to the Calgary Real Estate Board, MLS sales in the city totalled 1,643 in August, which was down 27 per cent from a year ago. New listings fell by 12.7 per cent to 2,733 and active listings at the end of the month rose by 12.1 per cent to 5,146.
The average MLS sale price decreased by 1.9 per cent to $466,570 while the median price was up by 0.5 per cent to $422,500.
Read the full article here.
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Two new Canadian oil sands projects started despite price pain
CALGARY, Alberta, Sept 1 (Reuters) - ConocoPhillips and Husky Energy Inc announced key milestones in bringing two new oil sands projects online on Tuesday, underlining how some producers in the high-cost sector are boosting production even as crude prices tumble.
The two projects will add around 178,000 barrels per day to the 2.3 million bpd already being produced from the oil sands, the world's third largest crude reserves after Saudi Arabia and Venezuela.
Read the full article here.
CALGARY, Alberta, Sept 1 (Reuters) - ConocoPhillips and Husky Energy Inc announced key milestones in bringing two new oil sands projects online on Tuesday, underlining how some producers in the high-cost sector are boosting production even as crude prices tumble.
The two projects will add around 178,000 barrels per day to the 2.3 million bpd already being produced from the oil sands, the world's third largest crude reserves after Saudi Arabia and Venezuela.
Read the full article here.
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Alberta's first-quarter fiscal update soaked in red ink as deficit grows to $5.9 billion
The increased red ink is mainly the result of a $624-million injection in health, education, human services and advanced-education spending brought in by Premier Rachel Notley’s NDP government this spring.
Disaster-assistance spending also jumped by $456 million to $757 million, the result of agricultural losses brought on by drought and widespread dry conditions that sparked the costliest wildfire season in the province’s history.
Read the full article here.
The increased red ink is mainly the result of a $624-million injection in health, education, human services and advanced-education spending brought in by Premier Rachel Notley’s NDP government this spring.
Disaster-assistance spending also jumped by $456 million to $757 million, the result of agricultural losses brought on by drought and widespread dry conditions that sparked the costliest wildfire season in the province’s history.
Read the full article here.
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Wonder where equalization payments to Ontario & Que will come from as Alberta facing $5.9B deficit
In its Regional Housing Report, the bank said markets in commodity-dependent regions have weakened considerably so far this year, but to a lesser degree than was originally anticipated.
“In contrast to housing, the economic contraction observed this year, particularly in Alberta, has been deeper than we had expected and the drop in oil prices more sustained,” said the report.
Read the full article here.
In its Regional Housing Report, the bank said markets in commodity-dependent regions have weakened considerably so far this year, but to a lesser degree than was originally anticipated.
“In contrast to housing, the economic contraction observed this year, particularly in Alberta, has been deeper than we had expected and the drop in oil prices more sustained,” said the report.
Read the full article here.
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Oil prices notch biggest three-day gain since 1990
Oil capped the biggest three-day gain in 25 years after OPEC said it’s ready to talk to other global producers to achieve ‘fair prices’ and the U.S. government reduced its crude output estimates.
Crude traded in New York surged 27 per cent in three days, the most since August 1990 when Iraq invaded Kuwait. Both West Texas Intermediate and Brent benchmarks have climbed more than 20 per cent from their closing low on Aug. 24, meeting the common definition of a bull market. The Organization of Petroleum Exporting Countries, responsible for about 40 per cent of the world’s supply, said in a monthly publication it’s willing to talk, “but this has to be on a level playing field.”
Read the full article here.
Oil capped the biggest three-day gain in 25 years after OPEC said it’s ready to talk to other global producers to achieve ‘fair prices’ and the U.S. government reduced its crude output estimates.
Crude traded in New York surged 27 per cent in three days, the most since August 1990 when Iraq invaded Kuwait. Both West Texas Intermediate and Brent benchmarks have climbed more than 20 per cent from their closing low on Aug. 24, meeting the common definition of a bull market. The Organization of Petroleum Exporting Countries, responsible for about 40 per cent of the world’s supply, said in a monthly publication it’s willing to talk, “but this has to be on a level playing field.”
Read the full article here.
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Notley's government is removed from reality
Still, Calgarians are a resilient lot who have seen this movie before. With economists now formally calling this a recession, and with layoffs well into the thousands, people are hunkering down, loading the larder, packing the bunker. There are indicators of this everywhere. One person tells me pawn shops are brimming with jewelry that people are selling off to stay afloat, and that there are wait lists to become a school bus driver, a job that was hard to fill for love or money in the glory days of yore, last year.
The vacancy rate that was not so long ago less than one per cent, considered a “zero vacancy rate,” is now 3.2 per cent. Kijiji, the unofficial measurement of what’s available, shows more than a hundred pages of listings (of at least 25 a page) of people renting rooms in their house. And that’s just since mid-August, not including what’s already been filled.
Read the full article here.
Still, Calgarians are a resilient lot who have seen this movie before. With economists now formally calling this a recession, and with layoffs well into the thousands, people are hunkering down, loading the larder, packing the bunker. There are indicators of this everywhere. One person tells me pawn shops are brimming with jewelry that people are selling off to stay afloat, and that there are wait lists to become a school bus driver, a job that was hard to fill for love or money in the glory days of yore, last year.
The vacancy rate that was not so long ago less than one per cent, considered a “zero vacancy rate,” is now 3.2 per cent. Kijiji, the unofficial measurement of what’s available, shows more than a hundred pages of listings (of at least 25 a page) of people renting rooms in their house. And that’s just since mid-August, not including what’s already been filled.
Read the full article here.
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Now the Calgary housing market gets interesting...
The Calgary Real Estate Board said MLS sales totalled 1,643 in August, down 27 per cent from a year ago. The average MLS sale price in Calgary slid 1.9 per cent last month to $466,570, though the median price edged up 0.5 per cent to $422,500.
“Thirteen months into the oil downturn combined with additional layoffs and political uncertainty will now push sellers to begin to adjust their prices downward if they wish to move their property,” said Don Campbell, senior analyst with the Real Estate Investment Network.
Read the full article here.
The Calgary Real Estate Board said MLS sales totalled 1,643 in August, down 27 per cent from a year ago. The average MLS sale price in Calgary slid 1.9 per cent last month to $466,570, though the median price edged up 0.5 per cent to $422,500.
“Thirteen months into the oil downturn combined with additional layoffs and political uncertainty will now push sellers to begin to adjust their prices downward if they wish to move their property,” said Don Campbell, senior analyst with the Real Estate Investment Network.
Read the full article here.
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Calgary remains a leader in office construction in North America
The commercial real estate firm’s latest office outlook ranks Calgary eighth in North America — and first in Canada — with 5.2 million square feet of space under construction. Houston leads all North American cities at 12.3 million square feet.
“With seven new office towers under development and coming to the market between now and 2018 it is no surprise that Calgary is leading the way in new construction in North America. The new developments will add an additional 12 per cent of new inventory to the downtown market,” said Joe Binfet, managing/broker for Colliers in Calgary.
Read the full article here.
The commercial real estate firm’s latest office outlook ranks Calgary eighth in North America — and first in Canada — with 5.2 million square feet of space under construction. Houston leads all North American cities at 12.3 million square feet.
“With seven new office towers under development and coming to the market between now and 2018 it is no surprise that Calgary is leading the way in new construction in North America. The new developments will add an additional 12 per cent of new inventory to the downtown market,” said Joe Binfet, managing/broker for Colliers in Calgary.
Read the full article here.
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Edmonton employers expect 'limited' hiring in Q4
Edmonton’s hiring climate heading into the fourth quarter looks pessimistic, according to the latest Manpower Employment Outlook released Tuesday.
The survey on hiring intentions shows 15 per cent of employers plan to hire for the upcoming quarter, October to December, while 11 per cent anticipate cutbacks. Another 71 per cent of employers expect to maintain their current staffing levels in the upcoming quarter. The remaining three per cent are uncertain about their hiring intentions.
Read the full article here.
Edmonton’s hiring climate heading into the fourth quarter looks pessimistic, according to the latest Manpower Employment Outlook released Tuesday.
The survey on hiring intentions shows 15 per cent of employers plan to hire for the upcoming quarter, October to December, while 11 per cent anticipate cutbacks. Another 71 per cent of employers expect to maintain their current staffing levels in the upcoming quarter. The remaining three per cent are uncertain about their hiring intentions.
Read the full article here.
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Soft hiring climate seen for #Calgary in Q4 2015
Randy Upright, chief executive of Manpower’s Alberta region, said only 13 per cent of employers surveyed said they planned to hire for the October to December quarter, while 11 per cent anticipated cutbacks. Almost three-quarters of respondents expect to maintain their current staffing levels.
With seasonal variations removed from the data, the net employment outlook — one per cent — is down one point compared with its previous quarterly outlook, and 19 points from 2014’s fourth-quarter outlook.
Read the full article here.
Randy Upright, chief executive of Manpower’s Alberta region, said only 13 per cent of employers surveyed said they planned to hire for the October to December quarter, while 11 per cent anticipated cutbacks. Almost three-quarters of respondents expect to maintain their current staffing levels.
With seasonal variations removed from the data, the net employment outlook — one per cent — is down one point compared with its previous quarterly outlook, and 19 points from 2014’s fourth-quarter outlook.
Read the full article here.
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Unemployment drops in the oilsands region. A Statistical anomaly?
The unemployment rate in the oilsands region of Wood Buffalo – Cold Lake dropped for the third month in a row.
Statistics Canada released its unemployment figures today and shows the regional unemployment rate shrank to 7.6 per cent in August, that’s down from 8 per cent in July and 8.2 per cent in June. It’s down a full percentage point from May.
Read the full article here.
The unemployment rate in the oilsands region of Wood Buffalo – Cold Lake dropped for the third month in a row.
Statistics Canada released its unemployment figures today and shows the regional unemployment rate shrank to 7.6 per cent in August, that’s down from 8 per cent in July and 8.2 per cent in June. It’s down a full percentage point from May.
Read the full article here.
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August new home starts movin' on up in Calgary
New home starts were trending slightly higher in the Calgary CMA (census metropolitan area) in August than in July, from 13,228 to 13,881, according to Canada Mortgage and Housing Corp. (CMHC).
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts and represents the number of homes builders are on pace to start for the year.
Read the full article here.
New home starts were trending slightly higher in the Calgary CMA (census metropolitan area) in August than in July, from 13,228 to 13,881, according to Canada Mortgage and Housing Corp. (CMHC).
The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of total housing starts and represents the number of homes builders are on pace to start for the year.
Read the full article here.
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Consumer confidence in Prairies drop to lowest level since 2008
The Bloomberg Nanos Confidence Index for the three prairie provinces — Alberta, Saskatchewan and Manitoba — fell to 47.7 in the period through Friday, from 49.5 previously. That’s lower than the February reading of 49.2 that coincided with a drop in New York crude futures to below $50 a barrel. Prairie confidence had recovered as oil prices rose to as high as $56.1 in May, before slipping again with the latest round of weakness.
West Texas Intermediate futures traded below $45 a barrel Monday after falling 2.8 per cent Friday on predictions by Goldman Sachs Group Inc. the endurance of the oil surplus could push prices as low as $20 a barrel.
Read the full article here.
The Bloomberg Nanos Confidence Index for the three prairie provinces — Alberta, Saskatchewan and Manitoba — fell to 47.7 in the period through Friday, from 49.5 previously. That’s lower than the February reading of 49.2 that coincided with a drop in New York crude futures to below $50 a barrel. Prairie confidence had recovered as oil prices rose to as high as $56.1 in May, before slipping again with the latest round of weakness.
West Texas Intermediate futures traded below $45 a barrel Monday after falling 2.8 per cent Friday on predictions by Goldman Sachs Group Inc. the endurance of the oil surplus could push prices as low as $20 a barrel.
Read the full article here.
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Cautious outlook for Canada's resale housing market
For those actively shopping Calgary’s resale housing market or those thinking about testing the water, there’s no need to make a hasty decision.
The vibes in the current oil price-splattered marketplace would suggest there is little urgency to make what, for many, will be their biggest financial decision.
Read the full article here.
For those actively shopping Calgary’s resale housing market or those thinking about testing the water, there’s no need to make a hasty decision.
The vibes in the current oil price-splattered marketplace would suggest there is little urgency to make what, for many, will be their biggest financial decision.
Read the full article here.
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I've been monitoring the Calgary market for the last 6 months it seems that the houses which are in the 1 million dollar plus range are seeing price decreases which are more than houses in the entry level housing market. Builders who have constructed semi detached homes in affluent areas or detached homes in upper middle class areas built with the intent to sell for the 1.150 to 1.3 range but are finding it hard to move their product. I've personal seem multiple occasions where these types of houses which sold for last year in the 1.150 to 1.3 range are now listing for the 900k to 1.2 range.
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Consumer confidence in Prairies drops to lowest level since 2008
The Bloomberg Nanos Confidence Index for the three prairie provinces — Alberta, Saskatchewan and Manitoba — fell to 47.7 in the period through Friday, from 49.5 previously. That’s lower than the February reading of 49.2 that coincided with a drop in New York crude futures to below $50 a barrel. Prairie confidence had recovered as oil prices rose to as high as $56.1 in May, before slipping again with the latest round of weakness.
West Texas Intermediate futures traded below $45 a barrel Monday after falling 2.8 per cent Friday on predictions by Goldman Sachs Group Inc. the endurance of the oil surplus could push prices as low as $20 a barrel.
Read the full article here.
The Bloomberg Nanos Confidence Index for the three prairie provinces — Alberta, Saskatchewan and Manitoba — fell to 47.7 in the period through Friday, from 49.5 previously. That’s lower than the February reading of 49.2 that coincided with a drop in New York crude futures to below $50 a barrel. Prairie confidence had recovered as oil prices rose to as high as $56.1 in May, before slipping again with the latest round of weakness.
West Texas Intermediate futures traded below $45 a barrel Monday after falling 2.8 per cent Friday on predictions by Goldman Sachs Group Inc. the endurance of the oil surplus could push prices as low as $20 a barrel.
Read the full article here.
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According to Teranet, Calgary's resale housing market prices jumped the most of any Canadian city. Counter-trend
Prices were up 0.7 per cent from a year ago, but remained 0.9 per cent off their peak of October 2014. Nationally, the survey of 11 major cities showed prices were up 1 per cent from July.
According to the Calgary Real Estate Board, September sales, through Sunday, were down 36 per cent from the same period a year ago while new listings have fallen by 9.9 per cent to 1,433. The average MLS sale price of $461,032 is off by 4.8 per cent year-over-year while the median price of $426,000 is up 0.25 per cent.
Read the full article here.
Prices were up 0.7 per cent from a year ago, but remained 0.9 per cent off their peak of October 2014. Nationally, the survey of 11 major cities showed prices were up 1 per cent from July.
According to the Calgary Real Estate Board, September sales, through Sunday, were down 36 per cent from the same period a year ago while new listings have fallen by 9.9 per cent to 1,433. The average MLS sale price of $461,032 is off by 4.8 per cent year-over-year while the median price of $426,000 is up 0.25 per cent.
Read the full article here.
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Edmonton breaks ground on once in a lifetime development
The city broke ground Wednesday morning at the site of the old municipal airport, where it says "one of world's largest sustainable communities", the Blatchford development, will be built.
Construction can now begin on the first phase of residential development and on a section of the central park.
Once site grading and excavation for the first stormwater pond are complete, the city will start to install underground utilities.
"City council has set ambitious goals for this community, and the start of construction is a significant milestone towards achieving their vision for Blatchford," Mark Hall, executive director of the redevelopment project, said in a news release.
Read the full article here.
The city broke ground Wednesday morning at the site of the old municipal airport, where it says "one of world's largest sustainable communities", the Blatchford development, will be built.
Construction can now begin on the first phase of residential development and on a section of the central park.
Once site grading and excavation for the first stormwater pond are complete, the city will start to install underground utilities.
"City council has set ambitious goals for this community, and the start of construction is a significant milestone towards achieving their vision for Blatchford," Mark Hall, executive director of the redevelopment project, said in a news release.
Read the full article here.
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Alberta has the 2nd highest job VACANCY rate in Canada. Jobs are there waiting to be filled
With the Canadian economy mired in a soft patch, crude prices in the ditch and oilpatch layoffs increasing, this may seem like a strange time to complain about shortages of skilled workers, especially in Alberta.
But that was the topic Monday at NAIT as Canadian Chamber of Commerce CEO Perrin Beatty and his Alberta counterparts did their best to put the skills gap on the agenda as the federal election campaign heats up.
Read the full article here.
With the Canadian economy mired in a soft patch, crude prices in the ditch and oilpatch layoffs increasing, this may seem like a strange time to complain about shortages of skilled workers, especially in Alberta.
But that was the topic Monday at NAIT as Canadian Chamber of Commerce CEO Perrin Beatty and his Alberta counterparts did their best to put the skills gap on the agenda as the federal election campaign heats up.
Read the full article here.