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Investment

Is Oliver Edmonton’s urban investment gem?

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The sister of Mercury Block, Mercury Block II will bring 166 residential units and $65 million in investment. (Credit: Autograph)

Something exciting is happening in Oliver, one of Edmonton’s oldest and densest neighbourhoods.

At just under 2 square kilometers in size, this community is home to about 20,000 residents and integrates a wide range of living, working and amenity spaces. Originally known as “the West End,” and formerly a streetcar suburb, today it features four major corridors (109 Street, Jasper Ave, 124 Street, and 104 Street), over 16,000 housing units, a variety of small urban parks, and multiple connections to the future West Light Rapid Transit (LRT) network. The community has been developing and redeveloping, in waves, for over a hundred years.

Neighborhood development began, in earnest, in the late 1800s. Prior to World War I, community build-out featured the construction of modest single-detached homes, small apartments, and commercial/industrial spaces located along main thoroughfares and connected to the rail line. By the 1950s to 1970s, when Edmonton was experiencing considerable growth, there was a demand for different types of dwelling units – which led to many of those single-detached home sites being consolidated and redeveloped into walk-up apartments. Today, in its third generation, redevelopment in Oliver includes many new mid and high-rise towers and a mix of both residential and commercial developments of all scales and sizes, coupled with meaningful public amenities and streetscaping that give the neighbourhood a convivial, active, and pedestrian-friendly charm. The rail yard that used to divide the community from downtown is long gone and older warehouses are being converted for modern uses.

The Mercury Block boasts 163 residential units, 106,471 sq. ft. of total gross building area, and $60 million in investment. (Credit: Autograph)

In October, UDI – Edmonton Metro led a walking tour of one of Edmonton’s modest but locally impactful public infrastructure investments – the 102 Avenue bicycle lane. Affectionately known by many regular users as the “Oliverbahn,” this two-kilometer protected, tree-lined lane has helped to make the community more accessible to those biking and rolling to and through the neighbourhood. From a real estate development perspective, we have also seen this lane bursting with new activity and growing private sector investment interest.

When we think about public sector upgrades to transportation infrastructure, we tend to consider large-scale roadway expansion and the addition of major transit facilities, but smaller gestures can make a big impact too. If done well and integrated in the right place and at the right time, City investment in all types of public realm upgrades – from parks to pathways – can have multiple positive economic spin-offs. The new connectivity provided by 102 Avenue through the heart of the neighbourhood has made this specific sub-sector of Oliver even more lively and interesting from a livability, mobility and development investment perspective.

Glenora Park, a $140 million investment that has brought 290 residential units to the area for people to age-in-place. (Credit: ONE Properties)

On our tour of just 13 blocks of 102 Avenue between Railtown and 124th street, we visited seven active development sites that have either been recently completed or are currently under construction. Collectively, these projects represent a total of $529 million of private investment into this short stretch of roadway including 1,222 new residential units and over a million square feet of commercial, retail and office space.

While these projects add to our economic investment landscape, they also contribute Edmonton’s goal of accommodating the next 500,000 residents in mature neighbourhoods through infill development.

Oliver is already one of the most populated neighbourhoods in this part of western Canada and growth will continue to increase. Building a mix of housing types in Oliver, from medium-density apartments to ground-oriented walk-ups to high-rise towers will support our city’s aspiration for more compact, walkable communities.

Glenora Park rooftop (Credit: ONE Properties)

Several factors have come together to make Oliver an attractive destination for people of all ages and backgrounds, and a neighbourhood where residents and commerce intersect. How we have shaped and continue to build in Oliver, I believe, provides us with important city building lessons for other parts of Edmonton, particularly those where more ambitious infill development is expected and should be explicitly encouraged:

Create spaces and places for people. Pocket parks like Paul Kane Park and the 102 Avenue bicycle lane prioritize people, encouraging people to move around the neighbourhood on bicycles or on foot, or to linger longer and connect with one another.

Mix-it-up. Developments on 102 Avenue include a mix of land uses – putting residential and commercial opportunities together – offering residents with all the amenities and services they need within a short distance from where they live.

Get creative. To attract small businesses with unique and novel concepts, we need to rethink how we lease our commercial spaces. Developments along 102 Avenue provide flexible commercial spaces that can be scaled up or down depending on the business model.

Contextually speaking. On 102 Avenue, developers are responding to the neighbourhood’s context by fronting their buildings or commercial spaces towards the bicycle lane, providing active transportation amenities, or adding public art and places for people to sit.

Tie public realm improvements to economic development. 102 Avenue has catalyzed millions of private sector investments and can serve as the seminal case study for how to implement the City’s $100 million Bike Plan – all transportation upgrades and investments should be conceived to provide a clear return on investment.

Sometimes, as city builders, we turn our attention to other cities and communities than our own – for inspiration and best practices. I argue that one of our best examples of urban city building is right here in Edmonton, in the Oliver neighbourhood. It is home to not only residents and businesses, but a mix of public, private, and community sector leaders who are working together to ensure that it remains a place that continues to meet the diverse needs of those who live, move, and play there.


Kalen Anderson is the CEO of the Urban Development Institute – Edmonton Metro.

 

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Economy

S&P/TSX composite up more than 250 points, U.S. stock markets also higher

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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.

The S&P/TSX composite index was up 254.62 points at 23,847.22.

In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.

The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.

The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.

The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Investment

Canada’s Probate Laws: What You Need to Know about Estate Planning in 2024

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Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.

For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.

Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.

Let’s unearth how these updates can simplify the process for you and your family.

What is probate?

Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.

Here’s how it works.

  • Validating the will. The court checks if the will is legal and valid.
  • Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
  • Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
  • Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.

Probate ensures everything is done by the book, giving you peace of mind during a difficult time.

Recent Changes in Canadian Probate Laws

Several updates to probate law in the country are making the process smoother for you and your family.

Here’s a closer look at the fundamental changes that are making a real difference.

1) Virtual witnessing of wills

Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.

Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.

2) Simplified process for small estates

Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.

Fewer forms and legal steps mean less hassle for families handling modest estates.

3) Substantial compliance for wills

Courts can now approve wills with minor errors if they reflect the person’s true intentions.

This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.

These changes help make probate less stressful and more efficient for you and other families across Canada.

The Probate Process and You: The Role of a Probate Lawyer

 

(Image: Freepik.com)

Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.

Here’s how they can help.

Navigating the legal process

Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.

Handling paperwork and deadlines

They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.

Resolving disputes

If conflicts arise, probate lawyers resolve them, avoiding legal battles.

Providing you peace of mind

With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.

With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.

Why These Changes Matter

The updates to probate law make a big difference for Canadian families. Here’s why.

  • Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
  • Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
  • Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
  • Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.

With these changes, probate becomes smoother and more manageable for you and your family.

How to Prepare for the Probate Process

Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.

  1. Create a will. Ensure a valid will is in place to avoid complications.
  2. Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
  3. Organize documents. Keep key financial and legal documents in one place for easy access.
  4. Talk to your family. Have open conversations with your family to prevent future misunderstandings.
  5. Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.

These simple steps make the probate process easier for everyone involved.

Wrapping Up: Making Probate Easier in Vancouver

Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.

Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.

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Economy

Energy stocks help lift S&P/TSX composite, U.S. stock markets also up

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TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.

The S&P/TSX composite index was up 34.91 points at 23,736.98.

In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.

The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.

The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.

The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.

This report by The Canadian Press was first published Sept. 17, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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