AB Economic Fundamentals 2008-10

[joeiannuzzi]

1008EDTN
Oilsands plans scaled back

EDMONTON - Alberta`s oilsands expansion plans took a multibillion-dollar blow Thursday with news that Suncor will cut spending on capital projects and that a proposed upgrader northeast of Edmonton likely won`t proceed.

Citing "turbulent times," Petro-Canada and partner UTS Energy Corp. said Thursday they may defer their

$10-billion-plus upgrader near Gibbons to cut costs at the Fort Hills project.

http://www.canada.com/edmontonjournal/news...5a-aa24505559c7

 

[joeiannuzzi]

1008EDTN
Council mulls ward revamp, longer terms

EDMONTON - A new report exploring four-year terms for city council, released Thursday, is good news to several councillors who have long supported the motion.

"I have been fighting for this for years," said Coun. Ed Gibbons, who championed the proposal since 1997 when he was the provincial Liberal critic for municipal affairs. "I think (councillors) need to concentrate on what they`re supposed to be doing instead of worrying about the next election all the time."

http://www.canada.com/edmontonjournal/news...9c-0d86e780a0ab

 

[joeiannuzzi]

1008EDTN
Future looks bright for suburban offices

EDMONTON - Edmonton`s suburban office real estate market has gained a new lease on life after 20 years of inactivity, a new report by Avison Young suggests.

Several new buildings are leasing and close to 30 developments pre-leasing, when not so long ago there was a 17-per-cent vacancy rate and owners struggled to get $5 per square foot (psf).

http://www.canada.com/edmontonjournal/news...c7-c100b17440ab

 

[joeiannuzzi]

1008ALTA
`We`re good,` premier says

Amid a day of bleak economic news, including two Canadian oil giants scaling back billions in spending and the Bank of Canada declaring the country`s economy is on the verge of recession, Premier Ed Stelmach assured Albertans the province will withstand the worst of the global financial meltdown.

Stelmach said he expects to see an economic rebound and higher petroleum commodity prices before the Alberta government would be forced to consider funding or program cuts.

http://www.canada.com/calgaryherald/news/s...27-95491b9f8abb

 

[joeiannuzzi]

1008ALTA
Alberta pines facing onslaught

Facing an onslaught of mountain pine beetles, a nasty fungus and climate changes, the province of Alberta is hearing urgent calls from biologists and its own species-at-risk committee to classify whitebark and limber pines as endangered.

Three quarters of the high-altitude conifers will likely disappear from Alberta`s landscape within 100 years if nothing is done, said a scientific sub-committee of Alberta`s endangered species conservation committee.

http://www.canada.com/calgaryherald/news/s...ab-feed3f3df28c

 

[joeiannuzzi]

1008ALTA
Nexen, OPTI open $6.1B oilsands project

Alberta`s fourth integrated oilsands project was officially launched Thursday morning with speeches, blue and red balloons and a room full of honoured guests -- but no synthetic crude, thanks to stubborn glitches in the gasification system in the sprawling plant.

The $6.1-billion Long Lake thermal project marries dozens of steam-assisted gravity drainage well pairs with an upgrader that uses patented technology to convert the thick bitumen into a high-grade light synthetic crude.

http://www.canada.com/calgaryherald/news/c...2e-13d3d42b9284

 

[joeiannuzzi]

1008CALG
Bankruptcies may sting Calgary

Declining consumer spending as a result of the world financial crisis will lead to a major spike in retail bankruptcies expected in early 2009, an increased vacancy rate and several projects being delayed or cancelled, the Calgary Real Estate Leasing Conference heard Thursday.

Grant Kosowan, director of the Orange National Retail Group (Prairies) Inc., said in a presentation that retail spending is expected to decline and that is something "we need to worry about." After annual retail sales increases of 16.2 per cent in 2006 and 9.3 per cent in 2007 in Alberta, we can expect a "modest" decline this year followed by a "tough year" and a full decline of four per cent in the province in 2009, he said.

http://www.canada.com/calgaryherald/news/c...bf-52674b859782

 

[joeiannuzzi]

1008CALG
Calgary faces multi-family future

It is the policy of the City of Calgary to have 30 years worth of developable land available, a policy that could become a suburban myth.

The City says we have lots of land in 31 "active" communities within the city limits -- active meaning new home construction is going on. The city, however, doesn`t differentiate in its calculation between how much of the land is zoned for single-family or multi-family homes -- an oversight that has been cleared up in a report from Brown and Associates Planning Group.

http://calsun.canoe.ca/Business/2008/10/24/7187021-sun.html

 

[joeiannuzzi]

1008REDR
Lacombe County development plan may be delayed

Lacombe County council will likely not make a final decision on whether to go ahead on a contentious development plan for the Hwy 2A corridor until late in the year.

Lacombe County Reeve Terry Engen said on Thursday that council could debate the issues raised at the public hearing that wrapped up on Wednesday at council`s Nov. 20 meeting, but may hold off making a decision until a later meeting.

http://www.albertalocalnews.com/reddeeradv...be_delayed.html

 

[joeiannuzzi]

1008REDR
Ponoka partners stampede toward new exposition building project

Drawings are ready and much of the money is in place for an elaborate new agricultural centre in Ponoka.

At an estimated cost of $8.5 million and located at the south side of town, the Ag-Event Centre and related facilities are a joint project of the Town of Ponoka, Ponoka County, the Ponoka Agricultural Society and the Ponoka Stampede Association, partnership president Charlie Cutforth said on Thursday.

http://www.albertalocalnews.com/reddeeradv...ng_project.html

 

[joeiannuzzi]

1008EDTN
Keephills project eyes more tradesmen

EDMONTON - Epcor`s newest coal-fired power plant is on schedule and on budget, but labour shortages next spring could mar the smooth-running $1.6-billion Keephills 3 project.

The 25-storey high iron skeleton rising beside TransAlta`s Keephills plant is almost complete, with major concrete structures ready to accept the supercritical boiler slated for spring arrival.

http://www.canada.com/edmontonjournal/news...a2-3fab4a9e4f62

 

[joeiannuzzi]

1008ALTA
Alberta lumber not out of woods despite gains

EDMONTON -Alberta forest-products companies shipped $624 million worth of lumber, panelboard, and pulp and paper in the second quarter, up 10 per cent over the previous three months.

However, shipments for the first six months are down $254 million -- 17.6 per cent -- from the same period last year, signalling that the industry`s situation remains critical, the Alberta Forest Products Association said Friday.

http://www.canada.com/edmontonjournal/news...68-6af9490ac327

 

[joeiannuzzi]

1008EDTN
Edmonton pace decline steeper than in Calgary

A decline in housing construction starts in Edmonton is more dramatic than in Calgary, says a federal agency.

To the end of September, single-detached housing starts were down 69 per cent compared to the same period last year -- 1,972 homes compared to 6,317, says Canada Mortgage and Housing Corp.

Multi-family unit construction was off 40 per cent, declining to 3,428 units from 5,721, it says.

http://www.canada.com/calgaryherald/news/n...82-960e20ae8dc5

 

[joeiannuzzi]

1008ALTA
Unintended consequences: discounted Alberta land

It`s a bold investment strategy tinged with more than a little irony -- Calgary oil executive Scott Saxberg, a vocal opponent of higher Alberta oil royalties unveiled a year ago this week, says his Saskatchewan-focused company is going to aggressively bid for land rights in this province.

"We are now looking at lands in Alberta because we believe, based on the way royalty rules are, Alberta is basically giving away their land for free," the president and chief executive of Crescent Point Energy Trust told the Herald in an interview this week.

http://www.canada.com/calgaryherald/news/c...f6-48ae38496adf

 

[joeiannuzzi]

1008CALG
I`d like the detached in-fill, please

Are you as confused with real estate terminology as I am?

Consider apartment and condominium. I always thought an apartment was a suite for rent while a condominium described a unit for sale in a building under management of a condo board. Yet I have noticed apartment condos for sale.

Then we have townhomes, townhouses and row housing. I thought basement was used to describe a room underground, but many homes talk of walk-out basements. And I wonder why some realtors feel they have to mention a house is detached when, sitting on a couple of acres, it obviously is not joined at the hip to another.

http://www.canada.com/calgaryherald/news/l...a9-17b907b0aa7a

 

[joeiannuzzi]

1008ALTA
Cancellation of condo project leaves buyer seeking advice

Question: I agreed to purchase a condo in September 2007 and paid the required 20-per-cent down payment on the purchase price.

The condo was expected to be ready in December 2009.

I recently called the sales person with whom I had been dealing.

She stated that the builder had been in talks with the city and they will not allow the building to be built as planned.

The city called for height restrictions. As a result, she stated the project has been cancelled and we would be receiving our down payment in full, with interest.

Given that I had planned to move in next year and have already waited over a year, do I have any recourse with regards to this situation, such as missing out on other purchasing opportunities, paying rent and general increases in housing costs?

-- P.P.

http://www.canada.com/calgaryherald/news/n...85-846e51d785ab

 

[joeiannuzzi]

AB Small Town Updates: 2008-10-26

 

[joeiannuzzi]

1008CALG
Eau Claire project could face delays

The first phase of plans to redevelop Eau Claire Market will go before the city`s planning commission this week, with the developer hoping to break ground next spring.

But given the softening of residential sales and the economic turmoil in the markets, a Harvard Development executive says the start of construction could be delayed.

http://www.canada.com/calgaryherald/news/c...e0-af62077a22d5

 

[joeiannuzzi]

1008ALTA
Expert says oil summit vital


An international conference stabilizing world oil prices is "essential" and will ultimately help Alberta`s oilpatch, whose fortunes determine the economic health of Calgary, says a prominent University of Calgary professor. Philip Verleger, a renowned energy expert teaching at the Haskayne School of Business, said he supports an international conference, scheduled for next month in Washington, to revamp the global financial system.

http://calsun.canoe.ca/Business/2008/10/25/7199996-sun.html

 

[joeiannuzzi]

1008EDTN
Fox Drive to turn into one-way

EDMONTON - Fox Drive commuters might go faster on horses from the nearby Whitemud Equine Centre when the busy corridor is closed in one direction next year for construction.

Westbound traffic, except for emergency vehicles and buses, will be prohibited on Fox Drive between March and December, partly to let buses flow smoothly while bus lanes are being added, roadway construction manager Byron Nicholson said Monday.

http://www.canada.com/edmontonjournal/news...6b-06d178932d5f