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Good morning! 🚘 AI is helping smooth out Alberta roads. Edmonton is turning to artificial intelligence to tackle its pothole problem. A co-op student created an innovative app that analyzes pothole reports, pinpointing trouble spots and even predicting where new ones might appear.

⏰ Today’s read: 5 minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 7:30 PM ET March 3, 2025.

Economy: U.S. and Canadian stocks plummeted after President Trump announced that tariffs on Canada and Mexico would take effect today, disappointing investors who had hoped for a delay. The S&P/TSX Composite and S&P 500 saw their largest drops of the year, with concerns about economic growth heightening.

NEED TO KNOW

The week's headlines

Rough landing: 🏗️ The long-delayed redevelopment of Northeast False Creek, the former Expo 86 site, is facing renewed momentum as developer Concord Pacific has submitted a rezoning inquiry to complete the project with 12 residential towers and commercial spaces. While the city and province expressed interest in advancing the project, financial disputes and infrastructure challenges could delay development for years, leaving the 58-hectare site largely dormant.

Power outage: 🔌 Kelowna’s real estate development may face a standstill due to FortisBC’s inability to guarantee power for new projects until 2027–2029, according to the Urban Development Institute (UDI). Developers warn that uncertainty over electricity availability threatens housing targets, financial stability, and business confidence. Supply chain delays for key electrical components further exacerbate the issue.

Big data: 🏗️ Capital Power Corp. has completed a $1.6-billion transition of its Genesee Generating Station from coal to natural gas, increasing capacity by 60% while reducing emissions by 40%. Positioned as a key power supplier for Alberta’s growing data centre industry, the company sees significant potential as tech firms seek reliable energy sources.

Going downtown: 🤝 The Alberta government, City of Edmonton, and OEG Sports & Entertainment (OEGSE) have partnered to revitalize downtown Edmonton through a $408.2-million investment. The plan includes developing an event park connected to Rogers Place, unlocking new housing, and demolishing the old Coliseum. Budget 2025 has allocated funding, pending a final agreement.

THE BIG STORY

Shots fired: Trump’s trade war begins

Today is the day. U.S. President Donald Trump said there is no room left for Canada to make a deal to halt 25% across the board tariffs that economists say will be catastrophic.

It’s going to be bad: With the tariffs, Canada’s economy is likely to enter a recession by the middle of this year, say analysts. Canadian constructors and owners rely heavily on materials and supplies from the U.S. In addition, many Canadian projects rely on specialized service providers and engineers from the U.S. as critical components of projects. Homebuilders in both countries stressed that tariffs will further degrade housing affordability.

Hitting back: Canada has vowed to impose retaliatory tariffs of 25% on $155-billion worth of U.S. goods, with $30 billion beginning today and $125 billion to follow. But many economists and industry groups cautioned that this will create both inflationary and recessionary pressure at the same time, a perfect storm for disaster. 

Focus on home: Economist Julien Karaguesian spent 25 years in the Canadian Ministry of Finance and worked at the Embassy of Canada in Washington D.C as Finance Counsellor. He believes Canada should undertake massive nation-building projects to counteract the tariffs rather than retaliating. He also advised shifting procurement to Canadian companies where possible. 

A University of Calgary Economist, Trevor Tombe noted that improvements between interprovincial trade could also help. These barriers cost the country as much as $200 billion.  

Leaders wanted: Canadians are heading to the polls this October and America has proven to be a politically unstable environment and an unreliable partner. While we are dealing with the immediate impact of Trump’s tariffs, Canada needs a long-term plan to regain some stability. 

EVENTS

Fireside chat: Trevor Muir, Founder & former Surepoint CEO, at the Industry Icebreaker.

Join us for an intimate fireside chat and Q&A with Trevor Muir, one of the founders and former CEO of Surepoint Group, an entrepreneur, and published author. Held in the prestigious Edmonton Oilers Hall of Fame, Trevor will share his incredible journey building and scaling Surepoint into a $100M company. He'll discuss navigating the complexities of private equity investment, forbearance, the challenges posed by the COVID-19 pandemic, and the implementation of an employee ownership model. Trevor will also open up about the personal challenges common to many high-performing executives.

PROJECT SPOTLIGHT

Going under

The ministère des Transports et de la Mobilité durable (MTMD) of Quebec is currently undertaking a $2.5-billion rehabilitation project for the Louis-Hippolyte-La Fontaine Tunnel. The goal of the rehabilitation is to ensure the infrastructure’s sustainability so that it can continue to play its key role in the mobility of people and goods along Highways 20 and 25. Inaugurated in 1967, the Louis-Hippolyte La Fontaine Tunnel is an important road link for users and freight transport in the region, Quebec, and Canada.

PROJECT UPDATES

Foundation proposes major expansion of Vancouver General Hospital

Big upgrades coming to Horseshoe Bay ferry terminal

Hard Rock Hotel in London eyes spring completion

Quebec border crossing to receive $100M makeover

Grieg Seafood pausing construction on Marystown expansion

Get our full breakdown of the week’s project updates in the link below

WHAT WE’RE TALKING ABOUT

READ: 🧓 Renovating Winnipeg’s oldest building

REPORT: 🏗️ How long does it take Canada to build housing? 

READ: 🌎 The rise of climate-resilient construction

WATCH: 🚙  Driver crashes into Gardiner Expressway work

READ: ⬇️ Are homes without basements, stairs a solution?

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Here’s to a great rest of the week!

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