Alberta Economy – November 14, 2018

The drop in the price of West Texas Oil along with continued wide discounts on Alberta oil do not bode well for the Alberta economy unless something changes.

In downtown Edmonton there is nevertheless a LOT of building going on. Near the new downtown arena that opened in 2016 Edmonton’s two tallest buildings (office and condos) are nearing completion. One will be the headquarters for Stantec. Very nearby a condo development appears to be going ahead though they are still working at ground level at this point. Not far away a mid-rise condo building is taking shape. Lots of other buildings have been added in downtown Edmonton in recent years. Most of these likely committed to before the oil price decline of 2014.

But there is also a lot of new but vacant retail space downtown very close to these new buildings. Some space has been available for lease for several years. Downtown Edmonton has improved a lot in recent years but there remains a few derelict buildings in the very heart of downtown on Jasper Avenue. This is very close to where Canadian Western Bank and Melcor Developments are headquartered.

The Alberta economic dashboard is showing mostly improved numbers. But some of the formerly improved numbers have turned negative.



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