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HARPERâS CANADA A WORLD POWER PLAYER
On the eve his first speech to the United Nations as prime minister, Stephen Harper has portrayed Canada as an emerging energy superpower.Â
He called it the only stable and growing producer of this scarce commodity in an unstable world.Â
Make no mistake, Canada intends to be a playerÂCanadaâs back, he said. Weâre on the best economic footing of any of the G7 countries.Â
At a time when energy security is an increasing preoccupation, when political events around the world can disrupt global energy supplies or influence the behaviour of major producers, the United Satesâ largest energy supplier is its leading trading partner, an enduring democracy that believes in free markets and binding contracts.Â
Steven Edwards â CanWest News Service, New York
Calgary Herald â Thursday, September 21, 2006
EXPERT SAYS ALBERTA FUELS GROWING ROLE
Canada â particularly Alberta â will be a world power under a realignment of geopoliticals that is emerging as energy becomes the central facet of world affairs from environmental sustainability, to economic growth, to the rise of Asian nations such as China and India.
Thatâs the message of prominent energy expert Joseph Stanislaw, the co-founder of Cambridge Energy Research Associates and former senior economist at the Organization for Economic Co-operation and Development, who speaks at the Calgary Chamber of Commerce today.
Geoffrey Scotton
Calgary Herald Tuesday, September 12, 2006
CANADA WILL JOIN POWERFUL AXIS OF OIL
Stanislaw is convinced that Canadaâs influence and role in the world affairs is on the ascent.
The geography of energy is undergoing a radical shift, Stanislaw wrote in a recent paper, Energy in Flux: The 21st Centuryâs Greatest Challenge. Whereas Saudi Arabia remains at the heart of production, the centre of gravity has already begun to stretch north and east â the Saudi-Caspian-Siberia-Canada axis will drive the energy of geopolitics in the 21st century, Stanislaw notes, adding Canada may hold the worldâs largest oil reserves in the form of heavy oil sands.Â
Calgary Herald Tuesday, September 12, 2006
CANADIAN EMPLOYMENT REBOUNDS IN SEPTEMBER
Canadian employment rose an expected 16,200 in September, fully retracing a comparable decline in August. The increase follows three consecutive monthly decreases, which amounted to only a partial payback from the second largest increase in jobs ever in May. The unemployment rate slipped back to 6.4% in September from 6.5% in August.
October 6, 1006
Sal Guatieri, Senior Economist
BMO Financial Group
EASTERN PROVINCES BENEFIT FROM ALBERTAâS HOT ECONOMY
Thereâs nothing surprising about the news Alberta is the hottest spot in the Canadian economy. But itâs still shocking to realize just how hot. And, happily, there are signs this prosperity is increasingly spilling over into other provinces.
This picture comes from a new study out today from a couple of senior analysts at Statistics Canada, Philip Cross and Geoff Bowlby.
They begin with a few stunning facts. Driven largely by soaring oil prices, the size of Albertaâs economy shot up by an astonishing 43 per cent over the past three years, just a hair less than Chinaâs.
But even if you assume its future expansion will merely be very robust, Alberta has clearly become one of the big players in Canadaâs economy.
Even though it has less than half the population of Quebec, Albertaâs homebuilders now produce more units of housing than Quebecâs. And this isnât just a fluke of the highly volatile housing market.
But as Albertaâs oil boom fed through into other parts of its economy last year, non-residential construction took off like a rocket, edging past Quebec at the beginning of this year and then surpassing it by more than 17 per cent in the second quarter.
So whatâs the good news for the lagging provinces of Eastern Canada? Well, apart from the benefits we all get from the growth in federal tax revenue that comes disproportionately from Alberta, both economic growth and unemployment in the East have benefited from the Alberta miracle.
Economic growth is because the frantic pace of expansion in Alberta sucks in consumer products, industrial goods, financial services, computer expertise, business consultants and all sorts of other stuff from the East. These come mainly from Quebec and Ontario, and both sell more in Alberta than they buy from it.
Alberta has also helped to hold down unemployment right across Canada by providing jobs for nearly anybody adventurous enough to pull up stakes and join the black-gold rush.
Back in 2000, most of those who moved to Alberta from other provinces came from next door, either B.C. or Saskatchewan. But as the boom has grown, so has its power of attraction.
Jay Bryan, Calgary Herald, Thursday, September 14, 2006
RATE CUT NEEDED SOON: CIBC
A badly sagging central Canadian economy â notably, Ontarioâs manufacturing sector â should push the Bank of Canada to chop interest rates to 3.25 per cent by the end of next year, CIBC World Markets forecasts.
That report comes a TD Economics predicts that, after a few more difficult quarters for Ontario next year, the gap in growth rates between eastern and western Canada will be eliminated after Ontario rebounds in 2008.
Those sectors benefit because they have high dividends, which are more attractive when interest rates are falling, Rubin said.
He notes that CIBCâs interest rate forecast is probably a bit more aggressive than most economists. But he believes that Canadaâs central bank is going to have to take action to curb Ontarioâs pain. He expects up to four 25-basis-point rate cuts over the next 12 months, in a effort to restrain the dollar.
But Rubin remains bullish on oil and base metals, even in the face of a lagging U.S. economy. While it is still far and away the worldâs biggest economy, it is no longer the worldâs biggest contributor to growth-not even close, CIBC said, point instead to areas like Asia.
The strength in commodities and decline in manufacturing will exacerbate the enormous regional disparities in this country, with Albertaâs economy growing near 7 per cent and Ontario struggling below 2 per cent, CIBC said.
Tara Perkins, September 29, 2006
ALBERTA GROWTH REACHES HISTORIC LEVELS
Albertaâs economic pre-eminence-now and in the future- was confirmed in a flurry of reports Thursday that emphasize Wild Rose Country has become an economic juggernaut that is elevating Canadaâs performance.
Alberta is in the midst of the strongest period of economic growth ever recorded by any province the Canadaâs history, said Statistics Canadaâs chief of current analysis, Philip Cross. The boom has brought unbridled prosperity to Alberta.Â
The reports include Stats Canâs study, a housing-price outlook from Toronto-Dominion Bank and the quarterly Metropolitan Survey of Canadian citiesâ economic performance by the Conference Board of Canada.
All suggest that not only is Alberta experiencing unmatched growth, but its citizens are benefiting from higher employment, faster-rising incomes and mushrooming increases in the value of assets such as housing â with no end in sight.
There is no sign of slowing down. As a result of this unprecedented boom, Alberta has the highest share of its population employed and the lowest unemployment rate of any province or state in North America, said Cross.
Albertaâs strength is also being felt across Canada, he said.
Other Canadians have benefited from the Alberta boom: Itâs insatiable demand has pulled in more people and goods and services from the rest of the country, making the Alberta advantage increasingly Canadaâs advantage.Â
With oil expected to trade at around 70 US per barrel in the near term and strength continuing in the construction industry, Albertaâs real gross domestic product is forecast to soar, said the boardâs Mario Lefebvre.
Real economic expansion in Calgary, which is true growth adjusted for inflation, is expected to accelerate to 6.6 percent this year from 5.7 per cent and average 3.9 per cent this decade. Thatâs the best performance in Canada.
In Edmonton, real growth will surge to 5.9 per cent in 2006 from 5.3 per cent in 2005. Aside from Albertaâs two largest municipalities, no other Canadian cities will even approach five per cent this year.
All of the stars are aligned for Calgary and Edmonton to experience above-average price growth in the future, said TD vice-president and deputy chief economist Craig Alexander.
Among the positive factors driving Albertaâs economy to a growth performance that rivals China or reflects it are a four per cent average annual increase in real output since 2002 â the fastest pace in Canada â and the highest personal savings rate in Canada. In addition, GDP per person, or output per capita, at $66,275 in 2005 was the highest in Canada, about twice the national average and the largest gap from the Canadian average ever recorded.
Geoffrey Scotton, Calgary Herald Friday, September 15, 2006
ALBERTA CHURNING OUT JOBS
INCREASE IN â06 TOPS ONTARIO
Albertaâs booming economy is contributing a hefty share of the countryâs employment gains this year, according to a report released Friday by Statistics Canada.
And Calgaryâs phenomenal, frenetic growth is fuelling the lionâs share of job growth in this province.
The federal agency says Alberta has been responsible for 78,000, or 40 per cent, of all employment added in Canada since the start of 2006, eclipsing even Ontarioâs gain (68,000, 35 per cent) during the first eight months of the year.
This share is considerable, especially coming from a province that accounts for only 10 per cent of the countryâs working-age population, said Statistics Canada in its Labour Force Survey.
Calgary is a huge engine of growth for employment across the entire country, said Corriveau.
We do have to thank our lucky stars that weâve seen the amount of net migration weâve seen in the last year because without that we wouldnât see the necessary additions to the labour force required to fill a lot of these vacant positions. Our participation rate is maximized. Our unemployment rate is among record lows.
All that points to the only way weâre going to get more labour is through net migration. Thankfully, Calgary just experienced record levels of net migration and had that not occurred employment growth absolutely would not be as strong as it currently is.Â
Over the past 12 months, employment grew by 5.2 per cent in the province, the highest in the country, compared to a growth rate of 1.7 per cent for Canada.
For the same period, Alberta contributed 33.3 per cent of Canadaâs overall employment growth.
Mario Toneguzzie, Calgary Herald Saturday September 9, 2006
CANADAâS STAMPEDE TO ALBERTA SETS RECORD
Albertaâs magnetic economy is smashing decades-old national records when it comes to attracting Canadians from other parts of the country, according to new population figures from Statistics Canada.
The numbers are even greater than the old boom, said Hubert Denis, a population analyst for the federal agency. Such a draw affects the demography of other provinces because theyâre all losing.Â
In the 12 months from July 1, 2005, net interprovincial migration to Alberta from Canadaâs other provinces and territories totaled 57,105. Thatâs the largest net migration recorded since 1971, when demographic records started being kept.
Net migration compares the number of people that come to a province with the number who left. In this case, 109,686 people arrived in Alberta, while 52,581 moved to other provinces or territories.
Alberta set the previous record when the province welcomed 46,000 other Canadians over a 12-month period in 1980-81.
The rapid population growth led to dramatic labour shortages, jaw-dropping housing costs, inflationary pressure and increased homelessness.
Twenty-year-old Rene Berube- one of the 57,105 recent newcomers â moved to Calgary from Moncton, N.B., six months ago.
He immediately found a job installing in-ground swimming pools, the same work he did back in New Brunswick. Here, however, the pay is a lot better.
The atmosphere is really good in Calgary and the job is really good. Berube said Wednesday. Iâll go back to visit, but I think Iâll be staying in Calgary for quite awhile.Â
In general, Albertaâs population growth rate is three times the national average and its growth by births is the highest among the provinces.
In another first, the number of people living in B.C. and Alberta has surpassed the population of Quebec.
Calgary Herald Thursday, September 28, 2006
ËThe ËAlberta effectâ will likely have a long-term impact on compensation nationally.Â
The Calgary Sun, Tuesday, August 29, 2006
RETAIL SALES REACH ËASTONISHINGâ LEVELS
ALBERTA SPENDING UP 15.6 PER CENT OVER YEAR AGO
Albertans are continuing their spending splurge with a percentage growth rate nearly three times more than the rest of the country over the past 12 months and on track for the best year of any province ever.
Data released by Statistics Canada on Thursday showed year-over-year retail sales increased by 15.6 percent in the province compared with the national average of 5.4 per cent.
Mario Toneguzzi, Calgary Herald, Friday September 22, 2006
COMBINED CLOUT
Growth of Alberta and B.C. force to be reckoned with
In the 12 months up to July 2006, about 98,000 people arrived to set up home in Alberta, with 57,000 drawn from elsewhere in Canada.
Calgary is by far the fastest growing major centre in the country, with Edmonton coming at No. 5.
Quebec canât lose seats under the present system, but more seats for the West must eventually give the region more political clout in Ottawa.
And what about economic influence?
Alberta and B.C. already punch far above their weight when it comes to wealth generation and productivity.
The two provinces are the stars of the Canadian economy, and thereâs no reason to think thatâs going to change.
For Alberta or B.C. alone to turn that into national political clout would be difficult, but itâs a different story when the two provinces act together.
And, increasingly, they do.
Few people outside Alberta and B.C. (or even within those provinces) have noticed their two governments now regularly hold joint cabinet meetings.
This year they laid the groundwork for free trade between the provinces, allowing companies to operate seamlessly in both, and joint-recognition of certification that would allow everyone from plumbers and truck drivers to electricians and welders to work either side of the border.
We need to recognize that weâre an economic unit, and we need to work together rather than against each other, B.C. Premier Gordon Campbell said recently.
Ralph Klein has said similar things, and down the road the creation of an Alberta-B.C. economic zone might well stand as one of his greatest achievements.
Thatâs democracy so quite complaining.
Well, itâs taken a long time, but if representation by population is the only measure of Canadian democracy, surely that means Alberta and B.C. must now wield the same political influence as Quebec?
Or am I missing something?
The Calgary Sun, Friday, September 29, 2006
Juggernaut of development in Albertaâs energy sector based on Ëlong-term viewâ
Oil lost $2.14 US a barrel as Patti McCunn-Miller spoke, but no discouraging words slipped into the Synenco Energy officerâs progress report on the $3.6 billion Northern Lights bitumen upgrader.
Instead of bemoaning the fastest oil slide since the l991 Gulf War, the project open house at Redwater & District Pioneer Club heard about steps to control traffic, noise and glare.
The Northern Lights plan calls for up to 3,000 construction workers to start building the oil sands plant 60 kilometres northeast of downtown Edmonton by late 2007. Formal regulatory applications will be filed on time this month to stay on schedule, said McCunn-Miller, a former member of the National Energy Board.
The fact that oil prices have gone from $78-plus to the low $60s is just the way the market goes,ÂSynenco executive vive-president Steve Gilliland said.
Oil bounces around and it fundamentally doesnât change anything, he said in an interview.
It hasnât changed our plans, our timing or the availability of financing for our project, said Gilliland, whose Synenco rose from unknown private firm to fixture on the Toronto Stock Exchange by raising $500 million in its biggest 2005 initial public offering of shares.
At the $10.8-billion Horizon Oil Sands Project, now under construction 70 kilometres north of Fort McMurray, itâs business as usual, said Real Doucette, oil sands chief of plant for Canadian Natural Resources.
The business plan, crafted in 2004, was based on oil averaging $35US a barrel. Weâve already spent close to $4 billion on this project and weâre not going to stop now,: Doucette said.
Shell Canada also refused to be pushed off course by notoriously fast mood swings on energy commodity exchanges.
Shell vowed to stay on schedule for up to $12.8 billion in additions to the Athabasca Oil Sands Projectâs Fort McMurray mine and Scotford upgrader east of Edmonton over the next four years.
We take the long-term view of prices, Shell communications officer Janet Annesley said. She pointed to a company record of anticipating bit-picture trends as opposed to daily or seasonal surprises.
Oil traded a low as $12 US a barrel when Shell, backed by minority partners Chevron Canada and Western Oil Sands, began building Albertaâs third bitumen mega-mine and upgrader for $5.7 billion in 1999.
Edmonton Journal, Saturday, September 23, 2006
Competition escalates for few remaining oilsands leases
Hectare goes to $17,000 from $250 in 2 years.
Calgary Herald, Saturday September 9, 2006
STATOIL SCOUTING OILSANDS
Norwegian energy company says itâs on lookout for opportunities in Alberta.
Norwegian energy company Statoil says itâs looking to enter an oilsands project with one or more partners as part of efforts to diversify away fro maturing North Sea fields.
Statoil said its experience with similar heavy-oil deposit fields in Venuzuela made the oilsands of Alberta an interesting investment possibility, but declined to reveal specific plans.
The Calgary Sun, Friday, September 29, 2006
New refinery quest a pipe dream, Melchin says.
Refineries in U.S. have competitive edge, Alberta Minister admits.
National Post, Friday, September 22, 2006
Residents Waiting for Gold rush Oil Upgrader Will Bring
For a town where the population has dropped 25 percent in the last year alone, plans for a $1.4 billion heavy oil upgrader has already started to breathe life back into the community.
A crown of nearly 800âthe townâs populationâpacked into the McLennan Elks Hall last week to hear Peace River Oil announce the latest details on the refinery slated to be built near the town. Some of the residents were excited at the work ti would bring, others at the idea of such a large amount of money being invested into the community. Area residents like Rene Tanguay said the community is more than willing to cash that much needed cheque.
Everybodyâs optimistic; weâre hoping it will be the first gold rush of the area, he said. Don Allan, president and CEO of Peach River Oil, says the location is key in several waysâbeing close to producers, infrastructure, a large market and revitalizing the local economy.
We want to give all the opportunity to local people first to make money on this project,
he said to applause from the crowd.
The project will be the first refinery built in North America in the past two decades. Work has already begun on the site, which is 10 kilometres south on Highway 2 at Secondary Highway 679. Engineering work will follow next year and construction is expected to begin in 2008 bringing with it thousands of employees.
The upgrader is slated to fire up in 2010 initially producing 25,000 barrels per day with four other expansion phases to follow eventually bringing production up to 100,000 barrels per day. The main product from the refinery will be diesel as well as light naphtha. The company expanded initial plans to include a refinery because of the proximity to the second largest diesel market in Canada.
Kristy Lesh R-G Editor, Tuesday, September 26, 2006
Edmonton, Calgary still fastest growing
Western Canadian cities, especially Calgary and Edmonton, will lead most others in growth again this year, according to the forecast that underscores the unprecedented boom in Alberta.
But cities in central Canada will start making a comeback next year, taking over from those in the west as the growth leaders over the rest of the decade, the Conference Board of Canada predicted in its cities forecast yesterday.
Calgary and Edmonton will lead all Canadian cities in economic growth in 2006 for the second straight year, it said.
Thatâs not surprising, considering the strength of the Alberta economy.
Alberta is in the midst of the strongest period of economic growth ever recorded by any Canadian province, Statistics Canada said in a separate analysis of the provinceâs stunning performance.
Itâs economic output has soared 43% over the past four years, a pace that compares with the growth in China, it noted.
And there is no sign of slowing down so are in 2006, it added.
As a result:
-Alberta has the highest share of its population employed and the lowest unemployment rate of any province or state in North America.
- Income per capita in the province has doubled over the past decade to $66,275, 56% above the national average, the widest income gap between provinces in Canadian history.
-Profits in Alberta have more than doubled since 2002 to $53.1 billion, or 27% of all profits in Canada, which is nearly double its share of the total economy, with most of that reflecting the soaring price of oil and gas exports.
National Post, Friday, September 15, 2006
CITY HOUSE PRICES PLAY CATCH UP
Recent increases large but not out of line. Edmonton still the affordable city.
Whether you believe the West Coastâs hyperinflated housing market is poised for a meltdown or not, the latest report on housing affordability from RBC Financial Group certainly makes for sober reading.
It also underscores just how affordable the housing market in Edmonton remains, despite the double-digit price gains of the past year.
Fact is, Edmonton just isnât accustomed to prosperity. House prices here have lagged the country for the past quarter century, while prices in Toronto, Vancouver and, more recently, Calgary, have soared.
Now, with the Edmonton regionâs re hot economy drawing thousands of newcomers, Albertaâs capital is finally playing catch up.
But weâve got a long, long way to go before we approach Lotus Lands lofty levels.
Consider. The average price of a two storey home in Vancouver topped $563,000 in the second quarter, according to RBCâs data.
Thatâs a full $120,000 higher than Toronto, $226,000 more than Calgary and a staggering $280,000 more than Edmonton, where the average two storey home carried a price tag of $282,800 at the end of June.
Itâs the same story in other categories.
A typical detached bungalow in Edmonton cost about $254,000 at the end of June, versus nearly $326,000 in Calgary, almost $392,000 in Toronto and $530,000 in Vancouver.
Now this might make sense if incomes in Vancouver were far higher than in Edmonton. But the opposite is true.
The current median household income in Vancouver is just under $55,000, says Derek Holt, RBC Financial assistant chief economist, and the author of the housing study. In Edmonton, itâs more than $63,000. Thatâs the fourth highest in Canada-behind only Calgary ($69,243), Ottawa ($69,057) and Toronto ($67,500) and itâs a whopping $8,300 or 15 per cent higher than Vancouver.
Edmonton Journal, Thursday, September 21, 2006
FORCASTS MAY BE LOWBALLING CALGARYâS GROWTH
City hall forecasters, whoâve tended to underestimate Calgaryâs growth potential, have changed their tune. Their latest estimates say Calgary will reach a population of 1.25 million about 10 years from now â say, in 2016.
What worries me is that city economic forecasters may still be lowballing Calgaryâs growth potential.
In the most pessimistic scenario, Calgary repeats the growth spurt it experienced from 1977 to 1982, adding 28 per cent to its population in five years.
If weâve already repeated the first of those five boom years, then weâll reach 1.25 million or so by the census in April 2010.
As Iâve said, thatâs the pessimistic scenarioâpessimistic because it assumes more years like this one: labour shortages, overloaded infrastructure, double-digit housing price increases, rising impatience and declining civility.
If we are at the beginning of another major boom, the Calgary Transportation Planâs 30 year vision will have to be built in half the time expected-by 2010 or so, instead of 2024.
Even if the transportation planâs proposed roads and LRT lines are built, its larger vision is unlikely to be realized in an era of super-quick growth.
These newcomers will need another 65,000 dwelling units, and another 9,000 acres (about 3,640 hectares) of bare land will have to be developed to make room for them,ÂI wrote back then.
Calgary Herald, Monday, September 4, 2006
CITY LEADS IN RAISES
Salary hikes 50% higher than rest of Canada
There arenât many employers that can even begin to compete.Â
The Calgary Sun, Wednesday, September 6, 2006
CALGARY HOMES GOING FOR A SONG
(relatively speaking)
High incomes helps make it second most affordable big city in Canada, RBC says.
Calgary is the second most affordable big Canadian city in which to own a house, mainly because its residents are paid enough to support a booming real estate market.
The Globe and Mail,Wednesday, September 20, 2006
HOT HOUSING MARKET STILL ËAFFORDABLEâ
Despite eye-popping price gains, housing in Calgary is affordable compared to other major cities in Canada, according to a study by RBC Financial Group.
The report on housing affordability determined housing in Calgary and Edmonton remains more reasonably priced than homes in Toronto, Montreal and Vancouver.
ËAffordability still remains healthier than in the past and in comparison to other big cities, said the report. There is little near-term relief ahead for prospective buyersÂ.
The Calgary Sun, Wednesday, September 20, 2006
ËSTARS ALIGNEDâ for Calgary Housing
If you own a $300,000 home in Calgary today, it will be worth a million dollars in 25 years time.
A TD Economics special report on the long-term outlook for Canadian home prices released Thursday says the stars are aligned for Calgary to experience above-average price gains in the period, in large part due to favourable economic prospects, stronger projected population growth and a younger population than in may other provinces.
The report says the national average of home prices is expected to rise about four per cent annually over the next 25 years.
If you look at it from a Canadian standpoint, a continental standpoint or an international standpoint, no matter who is looking at an area in the world to look at, Western Canada certainly would have an appeal and given the appeal we would expect with the anticipated growth in the province over the next 25 years that real estate will follow suit, said Clark.
The Calgary Herald Saturday, September 16, 2006
BUILDERS SET TO SMASH 28 YEAR OLD RECORD
City construction continues redhot pace
Calgary Herald Tuesday, September 12, 2006
RENTAL CONSTRUCTION LOW DESPITE DEMAND
For a city of one million, thereâs not much going on in the way of rental construction.
Then again, itâs been years since there were any appreciable numbers of multi-family housing units coming out of the ground and destined for rental tenure.
So far this year, work has started on 87 rental apartments-and those are in Airdrie.
There is absolutely nothing going on inside the Calgary city limits for buildings designated as rental.
There are some that will be for rent inside condominium buildings, but there are none fully designated as being for rent, says Canada Mortgage and Housing Corp.
Thatâs 87 of a total of 4,551 multi-family units that were started in the first eight months of this year.
Itâs still more than triple was what going on at the same time last year, even though itâs a pretty anemic number, says CMHC.
Its always an investment decision, and right now, itâs more profitable to go condo says Lai Sing Louie, CMHC.
Calgary Herald, Saturday, September 23, 2006
CONDO BOOM BUILDS UP CORE
I was a little taken aback by city planners reporting that Ward 8, which includes the Beltline, grew in population by 2,226 from April last year to April this year, raising it to 65,873. Itâs predicted that in 20 years or more, we can expect 55,000 people to lie in the Beltline, plus an increase in the number downtown to 30,000 from 12,000.
Where are they going to live?
Obviously we can look forward to a big increase in the number of high-density residences, which will mean high-rise towers will be popping up. The downtown core is being filled with several office towers already in the works, but residential units will fill any other available spaces
Calgary Herald Saturday, September 9, 2006
EXTREME MAKEOVER EYED FOR CITY BLOCK
Calgary developer John Torode plans an ambitious and massive development project at a beltline block that will transform an area frequented by drug dealers, prostitutes, the homeless and the unemployed.
Torode plans to build a three-story office/retail complex on the west and south side of the Hotel Arts building located on 12th Avenue between Centre Street and 1st Street SW.
There are also plans to build a 40-storey residential condo tower and office retail podium on the east side of the block. The two parts of the project will cost in excess of $100 million.
VICTORIA PARK AREA DEVELOPMENT
--Three-storey office/retail expansion of the Hotel Arts Complex along 1st Street S.W. and 13th Avenue S.W. with a Starbucks on the corner-65,000 square feet with two levels of underground parking;
--A 40-storey condo tower of about 200 residential units with a two-storey office podium along Centre Street between 12th and 13th Avenue S.W.;
--The Arriva project, at 3rd Street S.E. and 12th Avenue, includes a 34-storey condo tower currently under construction. Two 42-storey towers are also planned and there will also be a retail, restaurant and office component to the project;
--Just one block west of the Arriva block along 12th Avenue there are plans to build about 450,000 square feet of office space and possibly a hotel.
Calgary Herald Thursday, September 28, 2006
OFFICE RATES HIT $50 A SQUARE FOOT
Vacancies in city centre are lowest in the world
The average lease price has hit $35 to $37 a square foot-a whopping $12 increase from a year ago and more than 50 per cent â with some landlords asking for the previously unheard of $50 level for certain prime locations.
Downtown is becoming so pricey that some companies are choosing to move their operations outside of the core into the suburban office market.
A downtown market report by Barclay Street Real Estate says the downtown office market vacancy rate is at 0.4 per cent-the lowest in the world-and has created continued upward pressure on rental rates and limited to zero options for those companies with immediate office space requirements.Â
The report says four new buildings totaling about 1.1 million square feet of office space are set to be completed in 2007 but 100 per cent of this office space has already been pre-leased and about 650,000 square feet of new space is anticipated for delivery in 2008 with that also 100 per cent pre-leased.
Calgary Herald, Friday, September 29, 2006
OXFORD PLANS 40-STOREY TOWER FOR EAU CLAIRE AREA
Building will add 800,000 square feet
The transformation of the downtown Eau Claire area into an expanded commercial district took another giant step forward Thursday with the official unveiling of plans for a new 40-storey office tower-Centennial Place- to be built by Oxford Properties just west of the Canterra Tower.
Calgary Herald Friday, September 15, 2006
TWIN TOWER CONDOS TO BOOST NUMBER OF BELTLINE RESIDENTS
Lousanne Montreux towers will be built on the current parking lot on 10th Avenue SW where it joins 14th Street. The two highrise towers will soar 52 and 47 storeys high.
City planners expect a dramatic boost to the number of people living in the Beltline districts; Renoir Management Corp. will be a big provider of suites in the west end for those people discovering the benefits of living close to the city centre in two highrise towers called Lausanne Montreux.
To be built on the current parking lot on 10th Avenue S.W. where it joins 14th Street, the towers will soar 52 and 47 storeys high. Designed by Manu Chugh Architect they have been set at an angle so that all of the suites will enjoy incredible views of the city skyline, Bow River and North Hill escarpment and to the west the foothills and Rocky Mountains.
Calgary Herald Friday, September 8, 2006
CITY PROJECTS CANâT KEEP UP WITH GROWTH. MAYOR WARNS SPENDING FOR INFRASTRUCTURE RUNNING OUT.
Calgary Herald Wednesday September 20, 2006
EXPAND CITY LRT LINES WITHIN 10 YEARS; STUDY
The City is struggling with the $1 billion cost for two new lines.
Calgary Herald Monday, September 4, 2006
NEW CAMPUS WILL IMPROVE ACCESS
There are students on the bubble who are not going to get into a traditional university program, he said. If we could somehow make it a more easy transition for the, we could get them into university eventually and they would blossom.Â
More details emerged Thursday about the urban campus initiative, a $235-million joint project slated to be built on an entire block in East Village directly east of City Hall.
The value of the tract of land is estimated at $10 million. The entire project is one million square feet, with half of that pegged for the academic side and the remaining 500,000 square feet set aside for residential and commercial property.
Once completed in 2010, the campus will support roughly 15,000 students. Of the 5,600 new spaces, 2,500 are U of C continuing education seats, 610 will belong to Athabasca University, 100 for SAIT, 325 for University of Lethbridge and 1,000 for Bow Valley College.
Chinook Learning Services of the Calgary Board of Education is also a partner.
Spokeswoman Joanne Ramondt said many Chinook students need modeling and mentoring and the gateway program will be well-suited for many of them.
Calgary Herald Friday, September 15, 2006
EXPANDING KNOWLEDGE
The University of Calgary broke ground yesterday for the biggest expansion in its four-decade history.
ILLEGAL SUITES IN SPOTLIGHT
Calls to look into the scope of illegal and secondary suites in Calgary was narrowly approved by city council yesterday, with some aldermen questioning whether a crackdown could leave some people homeless.
Calgary Sun Tuesday, September 12, 2006
COLLEGE CENTRE EXPANDING
By the numbers- Mount Royal College Wyckham House student centre expansion
$14 MILLION â FOR THE ENTIRE PROJECT
41,500 â SQUARE FEET MAKE UP THE CURRENT SPACE
36,500 â SQUARE FOOT EXPANSION
15,000 â SQUARE FOOT RETROFIT
Calgary Herald Wednesday September 13, 2006
TOO SCARED TO BUY
Survey says high-cost home market pushes some away
We are seeing that buyers have become reluctant to get involved in the frenzy. Ted Zaharko, Royal LePage Foothills.
PRICE EXPLOSION
Third-quarter average prices for two-storey home in Calgary and how much theyâve gone up from a year ago:
South inner city $529,500 (63.2%) North inner city $486,100 (42.5%)
South $363,600 (5l.4%) North $377,000 (53.9%)
Southwest $366,200 (58.3%) West $414,500 (5l%)
Southeast $374,700 (54.4%) Northwest $390,200 (54.1%)
Northeast $350,200 (54.3%)
Calgary Sun Friday, September 29, 2006
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