Summary
In addition to all the rental income that's pouring in, the value of Lanesborough's investment properties has also been going through the roof. [Arni Thorsteinson] said apartment blocks it acquired two years ago are now worth 60 per cent more than when it bought them.
While Lanesborough REIT is probably one of the better examples, it's not the only local firm that's cashing in on the economic boom in northern Alberta. Winnipeg-based Qualico Developments Canada Ltd. has a subsidiary in Alberta -- Qualico Developments West Ltd. -- that is building an average of 75 new single-family homes and 150 new apartment and townhouse units per year in the Fort McMurray area, Qualico Developments Canada executive vice-president Ron Reimer said in an interview yesterday."There are billions of dollars that have been committed to oilsands development and pipeline construction, and these are long-term projects," Reimer said. "If the price of oil drops tomorrow, no one is going to suspend these multi-billion projects."See the full content of this document
Extract
Fort Mac Oil Cash Flows Here
Real estate firm taps Alta. boom
By Murray McNeillA Winnipeg firm is proving you don't have to be in the booming oil and gas business to be making barrels of money in ...See the full content of this document
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