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of the province’s manufacturing shipments2. In addition to Economy energy-driven manufacturing, the City of Edmonton also has dominant sub-sectors in fabricated metal, machinery, and food-processing3—providing Edmonton with a wealth They say investing is about location, location, location, and of economic spinoff and a continuous supply of new jobs. Edmonton is at the centre of it all - literally. The geographic centre of , Edmonton is only three Edmonton is also home to numerous post-secondary hours drive north of Calgary, the province’s other major institutions, offering a continuous supply of renters and service centre; offers businesses with links to both the contributing to the economic diversity of the city. prairie provinces and Asia via the Yellowhead Highway; Post-secondary institutions also act as an economic and is serviced by a growing international airport. In stabilizer for communities in both good and bad today’s global economy, the movement of goods in an economic times. Many of Canada’s brightest young people efficient and cost-effective manner is critical, and have chosen to study in the Edmonton area, leading to a Edmonton is able to provide both. Businesses want to large and intelligent labour pool. Anchored by the locate in areas where they can operate less expensively and the Northern Alberta Institute of and more efficiently and can attract top personnel, and Technology (NAIT), the city’s ten public post-secondary Edmonton is certainly a place that excels in these areas. institutions boast a combined enrollment of over 170,000 students4. Both NAIT and the University of Alberta have In the centre of the province, Edmonton finds itself projects currently under construction that will attract and between one of the world's most politically stable oil provide education for more students5. supplies (the oil sands) and the United States – the world's largest energy consumer. 97% of Alberta’s oil is found in The reality is, Edmonton has one of the most diversified the Greater Edmonton service area1. Not a bad place to economies in Canada. The city's largest employers are the be, economically. Often called the ‘Gateway to the Government of Alberta, Alberta Health Services, the City Oilsands’, Edmonton is the major hub that services the of Edmonton, and the University of Alberta6. Some of Wood Buffalo (Fort McMurray) region, providing services Edmonton’s other major industry clusters and sectors and products for both commercial purposes and include: agrifood products & agriculture, construction, enhancing the quality of life of those that live and work biotechnology, financial services, forest products, there. Edmonton companies have made millions providing information & communication technologies, medical vital logistics, engineering, manufacturing and Research & services, nanotechnology, retail, tourism, and Development services for the oil sands. With drilling transportation. activity ramping up, this sector will continue to provide Edmonton residents with a growing number of job opportunities. Outlook Edmonton’s riches do extend beyond the wealth of the booming oil and gas industry. Part of Alberta’s Industrial Alberta will continue to lead in job creation over the next Heartland, manufacturing plays a big role in diversifying decade, with major new oil sands projects projected to the city’s economy. Edmonton’s manufacturing sector drive job growth into 20237. Canadian crude oil accounted for 10% 0f the city’s GDP in 2010 and employs production is expected to increase from 3.5 million barrels over 40,000 people. In fact, the Greater Edmonton area is per day to 6.4 million barrels per day by 20308. As a home to Alberta’s largest manufacturing and processing manufacturing base for major oil companies, Edmonton centre. The city’s manufacturing sector accounts for 40% will continue to see job creation in the energy services,

©The Real Estate Investment Network Ltd. 1 manufacturing, and transportation sectors. In fact, Edmonton’s manufacturing sector is projected to grow an Demographics average of 4.2% per year through 20169.

Oil and gas projects currently underway in the city include Population Growth the Edmonton Energy and Technology Park, a According to the last Federal Census (2011), the 4,865-hectare eco-industrial park on the northwest side of population of the City of Edmonton was 812,201, an Manning Drive that is expected to produce $18.4 billion a increase of 11% from 782,439 in 200614. The population year in revenue when it is completed10, and will create increase between 2006 and 2011 was nearly double the hundreds of job opportunities. Edmonton is also just growth rate experienced by the country during the same minutes from Nisku Business Park, the 2nd largest time period. The City of Edmonton recently released its Industrial Park in North America and 45km from a $5.7 2014 Civic Census results, revealing that the population of billion Bitumen Upgrader (North West Redwater the city has continued to grow at a rapid pace, reaching Partnership). NWR broke ground on the project in the 877,926 in April 201415. The census report indicates that spring of 2013 and expects to employ over 8,000 people the city experienced an annual average growth rate of during peak construction. The facility is expected to be 30,000 between 2012 and 2014 – the size of an entire operational in 201611. While not located in Edmonton, the town! And the city’s population is expected to keep project will provide jobs for Edmonton residents, which will growing. By 2043, the City of Edmonton is expected to in turn stimulate the city’s economy. have a population of 1,145,27916. This is wonderful news for investors. A rising population will lead to an increase in While oil will continue to be an economic driver, the City of housing demand, which will in turn raise house values and Edmonton is home to other industries that provide the city average rents. with economic growth and stability. One sector that stands to see substantial growth is the Information and The Edmonton Civic Census also provides landlords with Communications Technologies (ICT) sector. According to valuable insights about where newcomers are locating the Alberta ICT Industry Association, there are over 5,500 within the city, and consequently, where they would be ICT companies in Alberta, producing over $10 billion in interested in renting. We recommend investors take a look annual revenues. Of those, 33-40% are located in the City at these reports, available for every Edmonton of Edmonton and the surrounding region. Edmonton neighbourhood. already has its share of self-made ICT multi-millionaires, and experts believe this industry is just coming out of the Immigration starting gate12. The majority of job seekers in the ICT field According to the 2014 Civic Census, the majority of are young, and the City of Edmonton will certainly prove Edmonton’s new residents move from other areas of able to meet the needs of these Generation Y-ers with the Alberta (13,034), with the remainder coming from other city’s low cost of living and excellent transportation links. parts of Canada (13,569), or other countries (9,239)17. Immigration will continue to support rental demand in Another project on the books that has the potential to Edmonton, as international and interprovincial immigrants significantly impact the city’s economy and revitalize tend to rent before putting down permanent roots in a new is the Edmonton Arena. The community. $604.5-million project includes the arena, a Winter Garden, a community skating rink, connections to Median Age Edmonton’s LRT, and a pedestrian corridor. Construction As of the 2011 Federal Census, the median age of the City began in March 2014 and will be completed in the fall of of Edmonton was 36.0, right on track with the median age 201613. The arena is expected to be a catalyst for change of the province (36.5)18. The median age of the city has in downtown Edmonton, transforming the area into a major not changed significantly since the 2006 Census (36.1)19, retail and entertainment district for the city. This region will which means that young people continue to move into the also benefit from the newly constructed Metro Line, which city, counteracting the city’s existing aging residents. will open to the public at the end of 2014. One has only to Edmonton has a distinct advantage over other Canadian look at the major projects that will be completed in the next communities as it continues to attract younger families. In couple of years to see the potential this area holds for other words, as other areas age, Edmonton continues to investors. renew itself. This will help drive the economy longer and farther than most other major centers in the country. Edmonton remains near the top of all lists of best places in Younger age groups also create more movement in the which to invest, whether you are talking provincial, national housing sector – renting, buying, and selling – as their life or world-wide. The region enjoys exceptional economic stages change. Working age residents also create more growth, one of the most diversified economies in Canada, money through income taxes and younger people often and creates hundreds of job opportunities every year, consume more than their older cohort; the purchase of making it one of the best places in which to work and live furniture, vehicles, electronics, more food, eating out etc. in the country. means more local economic stimulation.

©The Real Estate Investment Network Ltd. 2

Housing Sales Activity Out of all of Canada’s major metropolitan centres, Rental Market Edmonton consistently offers the most affordable housing Edmonton’s employment growth and higher incomes prices. One of the Economic Fundamentals REIN looks at continue to attract newcomers to the city, increasing when determining a region’s investment potential is the demand for rental units in the city. With more people than Housing Affordability Index. It is recommended that ever looking for housing accommodations, vacancy rates individuals spend no more than 25-39% of their monthly have dropped, which has caused rental rates to rise income on their mortgage payment. As of August 2014, the dramatically over the last several years. The table below average Edmonton resident would need to allocate 35.2% outlines the average rental rate by the housing type and of their monthly income to pay the mortgage on a standard number of bedrooms. two-storey home – the lowest of all Canada’s major cities20. This higher income means people who don’t buy, Average Rents in Edmonton can “on average” afford to pay more rent. And while Ed- monton remains the most affordable housing market of # of Average Lowest Highest Canada’s metropolitan centres, prices are beginning to Bedrooms Price Price Price rise, pushing more people out of the home ownership mar- House ket, providing a larger pool of potential renters.

2 $1,331 $825 $2,495 According to the 2014 Civic Census, the City of Edmonton 3 $1,740 $600 $3,295 has grown by over 60,000 people in the past two years. This has significantly increased the demand for housing in 4 $2,082 $500 $4,200 the city, putting pressure on the city’s housing market, Room shortening the time it takes to sell a home, and increasing the average sale price. The following table outlines the 1 $626 $420 $1,575 activity in the Edmonton real estate market over the past Basement Suite three years.

1 $909 $500 $1,400 As with other cities, different neighbourhoods command 2 $1,085 $650 $1,750 different selling prices and rent depending on their age and location. Keep in mind that both new and older inventory 3 $1,197 $645 $1,800 have pros and cons. It is often harder to cash flow newer Townhouse properties, (although they may be more desirable to tenants), but repairs and maintenance will be lower and 1 $1,136 $650 $1,424 lower operation costs means just as much as higher rents 2 $1,499 $500 $3,500 when it comes to the bottom line. Investors will have to do their homework to discover neighbourhoods where the 3 $1,486 $600 $3,495 rental rates will cover the expenses of the property. Condo/Apartment Recent Residential Developments 1 $1,095 $316 $2,900 Residential building activity in Edmonton has trended up in 2 $1,390 $725 $3,500 recent years. In 2013, the city witnessed 10,634 homes begin construction, with 3,981 single-family homes started 3 $1,429 $900 $2,495 and 6,653 multi-family units started21. As of July 2014, the Source: www.rentboard.com City of Edmonton Sales Activity January - June 2014 YTD 2013 YTD 2012 YTD With a population of nearly 1 million, Edmonton is a city Single-Family Detached that cannot be painted with one brush. Edmonton investors Total have told us that tenant profiles vary greatly between 4,323 3,843 4,012 Sales different areas of the city. In older neighbourhoods, quality Average of properties can vary depending on the profile of the $438,852 $416,051 $398,365 owner or tenant. Over the last decade, many older Median $405,000 $380,000 $367,000 neighbourhoods have begun to witness revitalization, with new infills and owners making improvements on their Condominiums Total homes with new siding, windows and landscaping. Values 2,526 2,166 2,017 and rents will vary greatly in these neighbourhoods Sales depending on the quality of the property. Investors must Average $248,041 $241,327 $235,010 perform their due diligence in order to find neighbourhoods Median $229,900 $228,000 $220,000 that match their preferred tenant profile. Source: Edmonton Real Estate Board.

©The Real Estate Investment Network Ltd. 3 city had already witnessed 5,330 houses being construct- ed22.

New residential projects in the City of Edmonton include the 38-unit Bentley Condos, currently under construction at 11710 87 Avenue Northwest. Sales for available units range in price from $597,460 to $774,790. Starling at Big Lake is a new housing community currently under construction at 137 Avenue Northwest and 199 Street Northwest. Sales for available units start at $430,00023.

It is important for investors to remember that residential building permits are a reaction to demand in the past. What is important to take note of is if supply is keeping up with demand. A high level of inventory can diminish values and rents, giving renters and buyers ‘too much’ to choose from, from an investor’s point of view, while a low level of inventory means supply is lower than demand, which will increase prices as people compete for available units. Currently demand in Edmonton is outstripping supply, leading to a rise in both housing prices and average rent. Image Provided by: kevinmklerks Current economic conditions support job growth in Edmonton, and we should see housing demand remain high in the mid-term future. Transportation In the summer of 2013, the City of Edmonton began construction on an interchange in south Edmonton, at the Infrastructure junction of Queen Elizabeth II (QEII) Highway and 41 Avenue Southwest. The project will include a road/rail grade separation of the Canadian Pacific Railway tracks Infrastructure east of the QEII and the construction of a new bridge over Blackmud Creek. This interchange will convert 41 Avenue As the city’s population continues to grow, Edmonton’s Southwest into a continuous corridor with full access to leadership must ensure that the city’s infrastructure keeps and from QEII Highway32. Construction on the project will up with resident demands. Infrastructure is important to be completed in 2015. This transportation improvement will meet the needs of the residents. People will leave a city benefit not only residents, but make it even more attractive that doesn’t have the capacity to educate its children, for businesses to locate here, once again, creating jobs mend its ill-stricken, or arrest its bad guys. Hospitals, and stimulating the local economy. schools, emergency services, as well as water, sewer, and roads are of paramount importance. Here is what Anthony Henday Drive Edmonton has on its books as prioritized projects: Designed to provide travelers with a quick way to pass

through Edmonton, the Anthony Henday Ring Road is one  The Federal Building and Centennial Plaza Project to of the two Ring Roads currently under construction in the meet future population needs. Includes a new public Province of Alberta. As of September 2014, nearly 90% of plaza, parkade, and increased public space at the the road was completed and open to traffic. The City of 24 Legislature grounds - $165 million (end of 2014) Edmonton’s goal is to finish the entire Ring Road by 2016,  New Library, Seniors and Multicultural if current schedules are adhered to. Centre to accommodate population growth in Mill 25 Woods neighbourhood - $33.8 million (end of 2014) The Southwest, Southeast, and Northwest portions of  Kennedale Traffic Operations Building to provide Anthony Henday Drive have all been completed. The only administration offices, staff, and material storage 26 portion of the Ring Road under construction is the facilities - $17.2 million (2015) Northeast. Although not slated to open until 2016, this  Waterdale Bridge Replacement to meet needs of 27 portion of the Ring Road could prove to be the most future population growth - $125.8 million (2015) important for the growth of the city of Edmonton. It will  6 new elementary schools (Lewis Farms, Heritage also provide the city planners with some unique Valley, Summerside, Terwillegar Heights, Windermere, opportunities to develop new residential neighbourhoods 28 Ambleside) – (Fall 2016) within a very near commute of new employment regions.  New Junior High School (Lewis Farms) – (Fall 2016)29 The $1.81 billion project will include 27 kilometres of six  High School Expansion (Lillian Osborne)– (Fall 2016)30 and eight-lane divided roadway, nine interchanges, two  New Fire Station in Lewis Farms to meet population road flyovers, eight rail crossings (flyovers), and two growth - $9 million (proposed)31 bridges across the North Saskatchewan River, for a total of 46 bridge structures.

©The Real Estate Investment Network Ltd. 4 Construction on the project began in June 2012 and should be completed in the fall of 201633. Polical Climate

Public Transit Rental Rules Today, the city’s LRT system stretches from the Clareview Unlike other provinces in Canada, there are no controls on Station in the northeast and runs southwest to Century the amount of rent increases in Alberta. Rent may be Park Station at 23 Avenue NW and 111 Street NW. Light increased if there has not been a rent increase within the Rail travel is becoming more and more attractive in previous 365 days or since the start of the tenancy, Edmonton as commute times increase due to a population whichever is later. The landlord must give written notice in explosion and subsequent auto congestion around the city advance before he or she is able to increase the rent. For and suburbs. more information on province-wide tenancy laws, please click here. Construction was recently completed on a 3.3 km extension from Churchill LRT Station in downtown The City of Edmonton encourages the development of Edmonton northwest to the North Alberta Institute of secondary suites as a way to increase safe affordable Technology (NAIT). The project is the first segment of a housing options within the city. The city allows Secondary, planned LRT expansion to the Edmonton city limits near Garage, and Garden suites in most single-detached St. Albert. The first phase of the project will include three residential zones throughout the city. To see which zones new stations: a stop at Grant MacEwan University, one at secondary suites are permitted in, please click here. In the Royal Alexandra Hospital, and a terminus station at 2012, the City of Edmonton introduced Cornerstones II, the NAIT. It is estimated that the addition of the North LRT line city’s plan for affordable housing to 2016. The will add 13,200 weekday riders to Edmonton’s LRT Cornerstones program includes grant funding for those network. The line is expected to open to the public by the looking to build secondary suites in the city. This is great end of 201434. news for investors! The city is taking a pro-active approach to its population growth and is actually encouraging rental The Valley Line is a 27 kilometre low-floor urban line that units. will run from Mill Woods in Southeast Edmonton to Lewis Farms in West Edmonton. On March 11, 2014, the Business Incentives provincial government announced its funding commitment Edmonton’s economic opportunities secure it as one of to the Southeast portion of Valley Line LRT Project, a 13 North American’s most desirable locations to for business- kilometer section from Mill Woods to Downtown Edmonton. es. The city offers a cost-competitive business environ- This portion of the Valley Line has been put to tender and ment that stacks up well against global competitors. The the successful team is expected to be selected by the end city’s competitive tax environment includes36: of 2015. There are 25 stops planned for the SE to West LRT as well as three stations (Wagner, West Edmonton  No machinery and equipment (M & E) tax Mall and the Misericordia Hospital). Major construction on  Lowest non-income taxes of all major Canadian the line should begin in 2016 and continue until completion centres 35 in 2020 .  No municipal business taxes other than in selected business revitalization zones For more details on the impact that transportation improvements can have on real estate values, download KPMG ranked Edmonton as the most tax competitive city Edmonton Transportation Effect here. among international cities in its Competitive Alternatives 2014 Special Report: Focus on Tax. The report compared the total tax costs faced by companies in 107 international cities including corporate income tax, property tax, capital tax, sales tax, local business tax, and labour-based taxes. Edmonton was found to offer the lowest tax costs overall37.

The city’s business-friendly environment continues to attract companies from all over the country, creating new job opportunities, and stimulating the local economy.

Image Provided by: Hobolens

©The Real Estate Investment Network Ltd. 5 Economic Development Investors should always be aware of how friendly a community’s Economic Development team is, because how they treat you is how they are likely to treat potential employers looking to move into the region. The Edmonton Economic Development Corporation has a fantastic website that both businesses and investors will find easy to navigate. The team is quick to respond, and was able to answer any questions we had. Just one look at the initiatives currently underway in the city for businesses, and it’s easy to see that this forward-thinking economic development team has ensured Edmonton will continue to attract businesses for years to come. Image Provided by: Hobolens

Investment Rang

Economic Risk 11/12 Yield Growth Potenal 10/12 Local Polics Conducive to Business 7/8

Access to Transportaon 8/8 Investors’ Insights 9/10 Total 45/50

©The Real Estate Investment Network Ltd. 6 Sources

1. Invest in Canada. (2012). “Edmonton.” Government of Canada. Retrieved from http://investincanada.gc.ca/eng/explore-our-regions/western- canada/alberta/edmonton.aspx 2. City of Edmonton. (2014). Export Potential. Retrieved from the City of Edmonton online http://www.edmonton.ca/business_economy/ industrial_development/export-potential.aspx 3. Edmonton Economic Development Corporation. (2012). “Manufacturing.” The City of Edmonton. Retrieved from http://www.edmonton.com/for- business/3386.aspx 4. Edmonton Economic Development Corporation. (2012). “About Edmonton.” City of Edmonton. Retrieved from http://www.edmonton.com/for- business/about-edmonton.aspx 5. Government of Alberta. (October 2014). Inventory of Major Projects. Retrieved from http://albertacanada.com/business/statistics/inventory-of- major-projects.aspx 6. Edmonton Economic Development Corporation. (2012). “About Edmonton.” The City of Edmonton. Retrieved from http://www.edmonton.com/for- business/about-edmonton.aspx 7. BuildForce Canada. (2014). Alberta Leads Canada Through Next Wave of Construction. Retrieved from BuildForce Canada online http:// www.buildforce.ca/en/media/press-releases 8. CAPP. (June 2014). 2014 Crude Oil Forecast, Markets and Transportation. Retrieved from CAPP online http://www.capp.ca/forecast/Pages/ default.aspx 9. City of Edmonton. (2014). Growth potential. Retrieved from the City of Edmonton online http://www.edmonton.ca/business_economy/ industrial_development/growth-potential.aspx 10. Edmonton Economic Development Corporation. (2012). “Oil, Gas, & Petrochemicals.” City of Edmonton. Retrieved from http:// www.edmonton.com/for-business/3385.aspx 11. Alberta Industrial Heartland. (2013). Project Status. Retrieved from http://www.industrialheartland.com/index.php? option=com_content&view=article&id=130&Itemid=100079 12. Hicks, G. (June 2012). Hicks: Tech industry 3rd most valuable in Alberta. Toronto Sun. Retrieved from http://www.torontosun.com/2012/06/08/ hicks-tech-industry-3rd-most-valuable-in-alberta 13. City of Edmonton. (2014). Arena and Entertainment District. Retrieved from http://www.edmonton.ca/city_government/projects_redevelopment/ downtown-arena.aspx 14. Statistics Canada. 2012. Edmonton, Alberta (Code 4811061) and Division No. 11, Alberta (Code 4811) (table). Census Profile. 2011 Census. Statistics Canada Catalogue no. 98-316-XWE. Ottawa. Released October 24, 2012. http://www12.statcan.gc.ca/census-recensement/2011/dp- pd/prof/index.cfm?Lang=E 15. City of Edmonton. (April 2014). 2014 Civic Census Results. Retrieved from the City of Edmonton online http://www.edmonton.ca/ city_government/facts_figures/municipal-census-results.aspx 16. Capital Region. (March 2009). “Capital region population & employment projections report.” Retrieved from http://www.google.ca/url? sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CB0QFjAA&url=http%3A%2F%2Fcapitalregionboard.ab.ca%2F-%2Freports% 2Fappendix1_population_e.pdf&ei=fV4kVNSxGcXOigL- wYHIBg&usg=AFQjCNFFrxIzh1aplpmUB8urJxJAMBi5RQ&sig2=oPYOlySbFXj9_NIWvTy_dQ 17. City of Edmonton. (April 2014). 2014 Civic Census Results. Retrieved from the City of Edmonton online http://www.edmonton.ca/ city_government/facts_figures/municipal-census-results.aspx 18. Statistics Canada. 2012. Edmonton, Alberta (Code 4811061) and Division No. 11, Alberta (Code 4811) (table). Census Profile. 2011 Census. Statistics Canada Catalogue no. 98-316-XWE. Ottawa. Released October 24, 2012. http://www12.statcan.gc.ca/census-recensement/2011/dp- pd/prof/index.cfm?Lang=E (accessed September 25, 2014). 19. Statistics Canada. 2007. Edmonton, Alberta (Code4811061) (table). 2006 Community Profiles. 2006 Census. Statistics Canada Catalogue no. 92 -591-XWE. Ottawa. Released March 13, 2007. http://www12.statcan.ca/census-recensement/2006/dp-pd/prof/92-591/index.cfm?Lang=E 20. RBC. (August 2014). “Housing trends and affordability.” Retrieved from http://www.rbc.com/RBC:Qx2htY71A8YAAK3qbro/economics/index.html 21. CMHC. (January 2014). Housing Now - Edmonton CMA. Retrieved from CMHC online https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm? lang=en&cat=70&itm=51&fr=1411684801254 22. CMHC. (August 2014). Housing Now - Edmonton CMA. Retrieved from CMHC online https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm? lang=en&cat=70&itm=51&fr=1411684801254 23. BuzzBuzzHome. (2014). All new construction homes in Edmonton. Retrieved from BuzzBuzzHome online http://www.buzzbuzzhome.com/city/ canada/alberta/edmonton 24. Government of Alberta. (October 2014). Inventory of Major Projects. Retrieved from http://albertacanada.com/business/statistics/inventory-of- major-projects.aspx 25. Ibid 26. Ibid. 27. Ibid. 28. Ibid. 29. Ibid. 30. Ibid. 31. Government of Alberta. (October 2014). Inventory of Major Projects. Retrieved from http://albertacanada.com/business/statistics/inventory-of- major-projects.aspx 32. City of Edmonton. (2014). QE II Highway and 41 Avenue SW Interchange. Retrieved from the City of Edmonton online http://www.edmonton.ca/ transportation/road_projects/qe-2-hwy-41-avenue-interchange.aspx 33. Government of Alberta. (18 May 2012). “Northeast Anthony Henday Drive.” Retrieved from http://www.transportation.alberta.ca/3787.htm 34. Edmonton Transit System. (2014). “North LRT to NAIT.” City of Edmonton. Retrieved from http://www.edmonton.ca/transportation/ets/lrt_projects/ north-lrt-stations.aspx 35. City of Edmonton. (2013). Valley Line (SE to West LRT): Mill Woods to Lewis Farms. Retrieved fro http://www.edmonton.ca/transportation/ets/ lrt_projects/southeast-to-west-lrt-mill-woods-to-lewis-farms.aspx 36. City of Edmonton. (2014). Economic fundamentals. Retrieved from the City of Edmonton online http://www.edmonton.ca/business_economy/ industrial_development/economic-fundamentals.aspx 37. City of Edmonton. (2014). Cost Advantages. Retrieved from the City of Edmonton online http://www.edmonton.ca/business_economy/ industrial_development/cost-advantages.aspx

©The Real Estate Investment Network Ltd. 7