🚄 Rail life

Together with

Good morning! 🏰 How doth thou build a castle? A group of history buffs are doing it the 13th century way in France. Experts say the “experimental archeology” could help us learn more about life in the Middle Ages.

⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 12:00AM PT December 12th, 2023.

Economy: The Bank of Canada has opted to hold interest rates at 5% for the third time in a row as economic activity slows. Bank officials stated that high rates are “moderating spending and relieving price pressures” but did not rule out future hikes. However, most experts believe the high water mark has already been hit. 

THE BIG STORY

On track: Is high speed rail on the horizon?

Cascadia High-Speed rail – a proposed transit corridor that would connect Oregon, Washington and B.C. – got some buzz this month after the U.S. funding announcements signalled interest in developing a broad high-speed rail network.

The reality of it: Don’t start packing your bags. The actual meat of the story is underwhelming. The Biden Administration is granting US$500,000 in funding the development of a scope, schedule, and cost estimate for preparing a service development plan. And proponents were actually aiming for nearly $200 million in funding to pin down more project details.  

Key obstacles:

• Many existing tracks weren’t built for high-speed rail and new routes would need to be constructed. Canada also features challenging terrain for construction like mountains and hills. 

• It’s not cheap. A similar system to those in Europe and Asia could cost anywhere between US$36 billion and $150 billion dollars. 

• Rail system leaders like China do not have strong property rights or complex development processes like the U.S. and Canada, making route planning and land acquisition far more complex in North America.

• The populations of China and Japan are far denser than Canada and the U.S., making the economics of their systems easier to swallow. 

What we can do: Maybe we just need to start small. High-speed rail could soon be tested by Prairie Link Rail Partnership (EllisDon and AECOM). They are planning to link Edmonton and Calgary. It could give Canadians a taste of what Europe and Asia have been enjoying for decades.

NEED TO KNOW

The week's headlines

⚡Beedie Development is planning to create the largest purpose-built Tesla service facility in North America. The developer’s vision is to build the 120,000 square-foot project on a former brownfield site in Vancouver.  

⚖️ TC Energy is seeking $1.2 billion from one of its contractors, alleging they are responsible for major construction delays. The project began planning in 2012 and was completed in October. The dispute will go to arbitration in Alberta. 

🏠 Reports show the federal government plans to revive an 80-year-old Canada Mortgage and Housing Corporation (CMHC) program that provided standardized blueprints to builders during WW2. Officials believe pre-approved plans could speed up home development. 

🏗️ Infrastructure Ontario’s (IO) latest market update noted that volatile conditions in construction have led the crown corporation to make significant changes to its operations. IO has $46 billion in work currently under construction and more than $35 billion in procurement/pre-procurement

PROJECT SPOTLIGHT

High tech, low cost

1925 Victoria Park Ave is a high-tech and low-cost modular housing solution that re-imagines sustainable apartment living through the design of the first 12-floor near-zero, mixed use rental development in Ontario. Because the project includes rental units, the developers focused on creating a solution that was sustainable and lifecycle focused, meaning that ongoing repair and maintenance costs and capital projects were deeply considered from the start.

PROJECT UPDATES

TransLink reveals plans for EV bus depot

EllisDon places last steel beam at West Lincoln Memorial Hospital

$135-million terminal project announced for Thompson Regional Airport

Gordie Howe Bridge’s Canadian tower reached its full height

WHAT WE’RE TALKING ABOUT

LIST: ☀️ 7 more solar companies to brighten your winter

PHOTOS: 🏗️ Canada reveals its Expo 2025 pavilion design 

VIDEO: 🔥 PCL races to build a warming hut

READ: 💰 Are Edmonton and Calgary still affordable cities?

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Here’s to a great rest of the week!