Alberta
Alberta Achievement – Teck, Cenovus Energy and Imperial relinquish leases to add to the largest boreal protected land in the world

The Ronald Lake Bison Herd in the newly established Kitaskino Nuwenëné Wildland
From the Province of Alberta
Historic agreement protects northern boreal forest
The newly created Kitaskino Nuwenëné Wildland conserves natural landscapes and watersheds, while supporting traditional Indigenous uses and sustainable development.
The wildland will preserve more than 160,000 hectares of land just south of Wood Buffalo National Park, protecting the Peace-Athabasca watershed and increasing ecological integrity and habitat for species at risk such as woodland caribou and the Ronald Lake Bison herd. Kitaskino Nuwenëné means “our land” in both Cree and Dene.
“This is a truly remarkable accomplishment and I’m thrilled that industry, government and Indigenous communities worked together to make this boreal protection plan a reality. The Kitaskino Nuwenëné Wildland will help sustain local wildlife, protect critical watersheds and ensure the exercise of treaty rights and traditional uses for future generations to come.”
Initially proposed by Mikisew Cree First Nation, the wildland will safeguard their way of life while addressing concerns raised in a 2016 UNESCO report on Wood Buffalo National Park. It adds to the largest contiguous area of boreal protected land in the world.
“I am excited to be working together with the Province of Alberta, Mikisew Cree First Nation, industry partners and other Indigenous communities on this Quick Start project as part of Canada’s Nature Legacy. This is a great example of what can happen when we work together to protect important habitat for species at risk, like caribou and bison. This is an important milestone in creation and conservation which will help us reach our goal of doubling the amount of nature we’re protecting in Canada’s lands and oceans.”
“We applaud the establishment of the Kitaskino Nuwenëné Wildland. Protecting this area is part of Mikisew’s stewardship vision for our lands and waters. This new park will help conserve areas that are important to our people and provide greater certainty that Mikisew ancestral lands can be monitored and better protected. We appreciate the collaborative efforts by industry and the provincial and federal governments to make this park a reality and their recognition of our inherent commitment to protecting our rights, Wood Buffalo National Park, the Peace Athabasca Delta and resources like the Ronald Lake Bison Herd. Articles of the United Nations Declaration on the Rights of Indigenous Peoples are more clearly visible with this successful collaboration.”
By voluntarily relinquishing oilsands and mining leases in response to Indigenous Peoples’ concerns, industry champions Teck, Cenovus Energy and Imperial played a vital role in securing the land base for the new wildland.
“The creation of this new protected area shows what is possible when Indigenous communities, government and industry build strong relationships and work together. Teck is honoured to have worked closely with Indigenous communities, especially the Mikisew Cree First Nation and Athabasca Chipewyan First Nation, to preserve this culturally – and ecologically – important region.”
“Imperial is pleased to support the work by the Mikisew Cree First Nation to champion this significant community-industry-government initiative leading to the creation of this new protected area. This area of high biodiversity potential supports the ecological integrity of Wood Buffalo National Park and promotes the long-term stewardship of areas and resources that are critical to the continuation of Indigenous rights and cultures.”
Previously proposed as the Biodiversity Stewardship Area, the new wildland is the result of months of collaborative discussion between Indigenous groups, industry and other stakeholders, and federal and provincial governments, as well as public consultation.
Alberta
Low oil prices could have big consequences for Alberta’s finances

From the Fraser Institute
By Tegan Hill
Amid the tariff war, the price of West Texas Intermediate oil—a common benchmark—recently dropped below US$60 per barrel. Given every $1 drop in oil prices is an estimated $750 million hit to provincial revenues, if oil prices remain low for long, there could be big implications for Alberta’s budget.
The Smith government already projects a $5.2 billion budget deficit in 2025/26 with continued deficits over the following two years. This year’s deficit is based on oil prices averaging US$68.00 per barrel. While the budget does include a $4 billion “contingency” for unforeseen events, given the economic and fiscal impact of Trump’s tariffs, it could quickly be eaten up.
Budget deficits come with costs for Albertans, who will already pay a projected $600 each in provincial government debt interest in 2025/26. That’s money that could have gone towards health care and education, or even tax relief.
Unfortunately, this is all part of the resource revenue rollercoaster that’s are all too familiar to Albertans.
Resource revenue (including oil and gas royalties) is inherently volatile. In the last 10 years alone, it has been as high as $25.2 billion in 2022/23 and as low as $2.8 billion in 2015/16. The provincial government typically enjoys budget surpluses—and increases government spending—when oil prices and resource revenue is relatively high, but is thrown into deficits when resource revenues inevitably fall.
Fortunately, the Smith government can mitigate this volatility.
The key is limiting the level of resource revenue included in the budget to a set stable amount. Any resource revenue above that stable amount is automatically saved in a rainy-day fund to be withdrawn to maintain that stable amount in the budget during years of relatively low resource revenue. The logic is simple: save during the good times so you can weather the storm during bad times.
Indeed, if the Smith government had created a rainy-day account in 2023, for example, it could have already built up a sizeable fund to help stabilize the budget when resource revenue declines. While the Smith government has deposited some money in the Heritage Fund in recent years, it has not created a dedicated rainy-day account or introduced a similar mechanism to help stabilize provincial finances.
Limiting the amount of resource revenue in the budget, particularly during times of relatively high resource revenue, also tempers demand for higher spending, which is only fiscally sustainable with permanently high resource revenues. In other words, if the government creates a rainy-day account, spending would become more closely align with stable ongoing levels of revenue.
And it’s not too late. To end the boom-bust cycle and finally help stabilize provincial finances, the Smith government should create a rainy-day account.
Alberta
Governments in Alberta should spur homebuilding amid population explosion

From the Fraser Institute
By Tegan Hill and Austin Thompson
In 2024, construction started on 47,827 housing units—the most since 48,336 units in 2007 when population growth was less than half of what it was in 2024.
Alberta has long been viewed as an oasis in Canada’s overheated housing market—a refuge for Canadians priced out of high-cost centres such as Vancouver and Toronto. But the oasis is starting to dry up. House prices and rents in the province have spiked by about one-third since the start of the pandemic. According to a recent Maru poll, more than 70 per cent of Calgarians and Edmontonians doubt they will ever be able to afford a home in their city. Which raises the question: how much longer can this go on?
Alberta’s housing affordability problem reflects a simple reality—not enough homes have been built to accommodate the province’s growing population. The result? More Albertans competing for the same homes and rental units, pushing prices higher.
Population growth has always been volatile in Alberta, but the recent surge, fuelled by record levels of immigration, is unprecedented. Alberta has set new population growth records every year since 2022, culminating in the largest-ever increase of 186,704 new residents in 2024—nearly 70 per cent more than the largest pre-pandemic increase in 2013.
Homebuilding has increased, but not enough to keep pace with the rise in population. In 2024, construction started on 47,827 housing units—the most since 48,336 units in 2007 when population growth was less than half of what it was in 2024.
Moreover, from 1972 to 2019, Alberta added 2.1 new residents (on average) for every housing unit started compared to 3.9 new residents for every housing unit started in 2024. Put differently, today nearly twice as many new residents are potentially competing for each new home compared to historical norms.
While Alberta attracts more Canadians from other provinces than any other province, federal immigration and residency policies drive Alberta’s population growth. So while the provincial government has little control over its population growth, provincial and municipal governments can affect the pace of homebuilding.
For example, recent provincial amendments to the city charters in Calgary and Edmonton have helped standardize building codes, which should minimize cost and complexity for builders who operate across different jurisdictions. Municipal zoning reforms in Calgary, Edmonton and Red Deer have made it easier to build higher-density housing, and Lethbridge and Medicine Hat may soon follow suit. These changes should make it easier and faster to build homes, helping Alberta maintain some of the least restrictive building rules and quickest approval timelines in Canada.
There is, however, room for improvement. Policymakers at both the provincial and municipal level should streamline rules for building, reduce regulatory uncertainty and development costs, and shorten timelines for permit approvals. Calgary, for instance, imposes fees on developers to fund a wide array of public infrastructure—including roads, sewers, libraries, even buses—while Edmonton currently only imposes fees to fund the construction of new firehalls.
It’s difficult to say how long Alberta’s housing affordability woes will endure, but the situation is unlikely to improve unless homebuilding increases, spurred by government policies that facilitate more development.
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