YYC's expansion could help city's real estate market soar

Foreign investment in the city's real estate market is poised to take flight.

And it's in no small part thanks to the ambitious expansion of the Calgary International Airport. From the recent opening of its new runway—the longest commercial airstrip in Canada—to its $1.4-billion new international terminal opening this fall, Calgary's bigger, better international airport dramatically increases the number of travellers from overseas.

While it's undoubtedly a shot in the arm to the city's struggling economy, it's not a leap in logic to assume more foreign business and pleasure travellers could provide a boost to its real estate sector, says Eric Horvath, vice president of investment sales at Colliers International.

Film centre represents just one example of efforts to transform local economy, say officials

Film production may be the world's glamour industry, but in Calgary it is shooting to become a new driver of Alberta's diversified economy.

Last week, the $28.2-million Calgary Film Centre opened in a Calgary southeast industrial park, about 20 minutes from downtown. The new facility includes three new sound stages spread across a total of 50,000 square feet and three multi-purpose workshop spaces offering an additional 15,000 square feet.

Calgary Economic Development president and CEO Mary Moran said the film and television industry is just one sector being focused on in attempt to diversify the local economy. CED predicts it could provide an annual $500-million injection into the economy in as little as five years, compared to its $175-million share today.

Calgary Economic Development's top boss promotes collaboration, innovation

On the heels of flooding, low oil prices and, now, raging wildfires, Calgary Economic Development's top boss admits it might be easy for people in the province to see the glass half empty.

Yet Mary Moran, as well as other community leaders, urged those people to keep current conditions in perspective before claiming the end is near.

"These are historically challenging times for both Calgary and Alberta's economy," said CED's president and CEO, who likened the province's current situation to a game of Whac-a-Mole. "It seems we barely finished covering up the scars of the flood of 2013 when our number-one energy customer became our number-one very intense competitor.

Speaking as part of Calgary Economic Development's (CED) 2016 Economic Outlook, Bank of Canada governor Stephen S. Poloz laid out his forecast for Canada's economy in the upcoming year.
With more than 1,500 on hand for the presentation, Poloz touched on some of the factors that have seen Canada's economy get off to a less-than-stellar start this year.
CREB®Now takes a look at some of the key points from CED's outlook.

GDP
Having seen two consecutive quarters of GDP decline, Canada's economy currently fits the definition of being in a recession. Looking forward, TD forecasts call for an annual growth rate of
1.2 per cent in 2015, followed by two per cent gains in 2016 and 2017.

Employment
Speaking on downsizings in Calgary's energy sector, CED president and chief executive Mary Moran said more layoffs should be expected, calling it the most challenging time for the city since the mid-1980s. ATB economist Todd Hirsch has predicted unemployment rate in the province could reach 7.5 per cent, which would be the highest rate seen since 2009.

Mary Moran has taken over the reins as president and chief executive of Calgary Economic Development (CED).

Moran, who has been with CED since 2010, took some time to chat with CREBNow about Calgary's economic resiliency and what she thinks is the city's best-kept secret.