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Calgary real estate market

Surrealplaces

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Agree. Normally $500 USD for wood construction would be high, but not necessarily in U/D because of its proximity to the UofC and the hospitals, etc.. Also Market Mall, and the UofC research park.
 

JonnyCanuck

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Inflation is hitting new home construction just like every other industry, if not more so. The price expectations of the past are long over.
 

GoVertical

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UrbanWarrior

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A boom from Ontario and BC buyers coupled with resurgent O&G and exploding tech and creative industries could really push us back into another major boom in a year or so.
 

JonnyCanuck

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A boom from Ontario and BC buyers coupled with resurgent O&G and exploding tech and creative industries could really push us back into another major boom in a year or so.
Many of the elements are here except jobs. The unemployment rate in Calgary is still around 8%. In boom times it was around 4%. The gap could close but I think we would have to see most of the big O&G companies in hiring mode. The only way they are going to do that is if new projects come back off the shelf.
 

UrbanWarrior

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I don't see why shelved projects wouldn't be back on the table. The west is weening off Russian O&G, and we are the only democratic, stable, and ethical energy superpower on the planet, so it only makes sense. We'll see. Would be a shame to see that trade shift to tyrant countries like Saudi Arabia, etc.
 

darwink

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I don't see why shelved projects wouldn't be back on the table.
Timelines are too long - not just to first production day but then to payout. We'll have a projects to fill the pipeline slack created by Line 3 Replacement and Trans Mountain Expansion but more than that would require a sea change.
 

artvandelay

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Many of the elements are here except jobs. The unemployment rate in Calgary is still around 8%. In boom times it was around 4%. The gap could close but I think we would have to see most of the big O&G companies in hiring mode. The only way they are going to do that is if new projects come back off the shelf.
It feels like this is changing quickly, as these stats are often a lagging indicator. Companies both in O+G and outside the sector have shifted into hiring mode in the past few months and I am constantly being pestered by recruiters.

I even saw a washroom ad for a drilling company last week advertising $33/hr plus full benefits and training with no qualifications required. I don't recall seeing that type of thing since the bigtime boom days back in '06/07.

Even casting aside the Russian oil situation, the structural underinvestment in exploration and production since 2015 has created a supply crisis that has set up the industry for a sustained period of high prices. I think we will see steady growth here in Alberta - but likely not the excess of past booms as companies have been very good at maintaining capital discipline and not chasing unsustainable growth for growth's sake.
 

JustDandy

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Calgary is going to boom in my view, capital is flowing into the province from different places and jobs will follow. I mean Calgary just got another airline for two based in the city now. Lots of new tech firms are starting up and moving there, BC and Ontario investors like me are starting to take a more favorable view of the city's future.

I think its game on, and it may look a bit different than previous booms where its not 100% about O&G.
 

UrbanWarrior

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I agree. The O&G part of my comment was just a portion part of what will be our first diversified boom.
 

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