Monday, August 16, 2010
- BRIGHT ECONOMIC FUTURE FOR ALBERTA
posted in News
at Mon, 16 Aug 2010 14:59:13 -0600
BRIGHT ECONOMIC FUTURE FOR ALBERTA
With all the tales of doom and gloom floating around these days it's nice to finally get some good news. As for construction and oil exploration in Alberta, the latest figures released show unemployment down from 6.8 per cent to 6.3 per cent, and around 9000 jobs were created in the last quarter. Some 11,250 wells will be drilled in Canada in 2010 and about 7,590 of them will be drilled in Alberta. The carbon capture plant in Redwater, Alberta is said to be the largest of its kind globally when it is set to go into operation in 2013.
With the injection of CO2 into oilfields that are becoming depleted, it is estimated that oilfield activity will reach levels experienced during the oil boom in the 1950's.
It is now estimated that Alberta has 1.5 trillion barrels of oil in the oilsands instead of the 172 billion as originally estimated. Fort McMurray is expected to increase from a population of 102,000 to 250,000 by the year 2025.
It is now being speculated by industry experts that Alberta has not yet reached its biggest oil boom. Even with the development of renewable energy there is still a huge demand for fossil fuels for many years to come.
All these factors of course will directly impact a rebound in the Calgary real estate market. With prices currently declining and interest rates at excellent levels, it is certainly a great time to look at getting into the market, or even examining the possibility of rental revenue properties.
Call me for a free consultation on how to build wealth through real estate acquisition. Thank you.