Alberta

Alberta's fastest-growing southern city outside of Calgary should have far more land to build on come 2012.

The likelihood of a major event centre going up on Medicine Hat's north side seems even more remote following a key vote by the southeast Alberta community's city council in late June.

Alberta's capital city will spend $56 million to revitalize part of its downtown known as the Quarters. The cash will come from a community revitalization levy on new assessment that results from the 20-year project.

According to the Calgary Real Estate Board, June condo sales were up 31 per cent over June 2010.

Opportunities The city's population grew by 5.7 per cent in 2010 to 24,646, and its annual growth rate over the past 10 years has been around 5 per cent.

What was once feared as a looming oversupply of premier office space in Calgary has turned into a potential shortage as the downtown Class AA office vacancy rate has plunged to 2.1 per cent and the overall vacancy rate is now down to 8.

Suburban developers within Calgary city limits will pay significantly more in development levies now that Calgary city council has accepted a negotiated agreement between the city's development community and its bureaucrats.

The Alberta government is proposing changes to improve the standard of building in Alberta to better protect new homebuyers and hold builders more accountable. "The vast majority of homes in Alberta are built well and stand the test of time.

The rising fortunes in the oilpatch are reflected in a reduced industrial vacancy rate in the Greater Edmonton area for the first quarter of 2011. The industrial vacancy rate fell from 3.58 per cent at the end of 2010 to 3.

The City of Medicine Hat is trying to spur on downtown redevelopment with a new incentive program. The program consists of incentives available to downtown property owners to assist them to redevelop or initiate new developments in the city centre.