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Alberta

Four Races = Four Podiums for Central Alberta’s Parker Thompson in Busy Victoria Day Speedfest Weekend

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CANADIAN TIRE MOTORSPORT PARK – TORONTO, ONTARIO

From Parker Thompson Racing

Thompson boldly kicked off the new race season in Canada this weekend at Canadian Tire Motorsport Park. The 21-year-old competed in four races as part of two different series that joined the annual Victoria Day Speedfest weekend at the Toronto area racetrack. In those four races, Thompson earned four podiums. In the Canadian Touring Car Championship (CTCC), he dominated the weekend, taking the Audi R8 LMS GT4 of Speedstar Motorsport to two overall victories. In the Porsche GT3 Cup Challenge Canada, Thompson earned a 2nd and 3rd place finish in two tightly contested races. 

The performance puts an exclamation mark on what has been a commanding start to Thompson’s 2019 season. Thompson has been racing south of the border since March when the Indy Pro 2000 season commenced in St. Petersburg, Florida. He joined Porsche GT3 Cup Challenge USA shortly after. Thompson is in contention for championship titles in those two series. After this weekend, he is set up to challenge for the Porsche GT3 Cup Challenge Canada and CTCC championship titles as well. In this calendar year, Thompson has already raced 12 times within the four series. In those races, he has 10 podiums and 5 wins.Racing two series in one weekend presented a unique opportunity for Thompson.

“I’m so fortunate to have the opportunity to work with two great teams in SCB Racing and Speedstar Motorsport. Sports GT racing is still very new to me. With some great people behind me though, we’ve managed some great results. We have a great chance to contend for two championships here in Canada. Speedstar Motorsport has proven great results in international series as well. I’m excited about future possibilities that exist with that team and their partners.” – Parker Thompson


Canadian Touring Car Championship

Driven by Thompson, the #1 Audi R8 LMS GT4 of Speedstar Motorsport and New Roads Automotive Group, dominated both CTCC races on the weekend. With future endeavors in other series on the horizon, Thompson and the team had a watchful eye on the SRO GT4 America’s races that also took place as part of the Victoria Day Speedfest weekend. Running cars identically classed to Thompson’s Audi R8, the GT4 America’s series features drivers from around the globe and participation from a variety of manufacturers.

In the Speedstar Motorsport / New Roads Automotive Group Audi R8, Thompson marked a lap time that bested not only all CTCC competitors, but all GT4 America’s entrants as well. In fact, the 1:23.332 that Thompson posted is faster than any GT4 lap on recent record at Canadian Tire Motorsports Park.

“We’re racing guys over in the SRO GT4 America’s paddock. We’re comparing and making sure we’re faster than all the manufacturers over there. The Speedstar Motorsport / New Road Automotive Group #1 Audi R8 was on rails all weekend long. It’s amazing to drive for this team. Thank you to everyone who came out from New Roads Automotive Group and Audi Uptown.” – Parker Thompson.


 

Porsche GT3 Cup Challenge Canada

As expected of the popular one-make series, the opening races of the Porsche GT3 Cup Challenge Canada were tightly contested. An incident in Saturday morning’s qualifying cut the session short, leaving multiple drivers unhappy with their starting positions for race one. Thompson would start in second position. Over the course of the race he applied good pressure on leader, Jeff Kingsley, but was not able to execute a pass. The two crossed the finish line with a comfortable margin over 3rd place Marco Cirone.

The starting line-up for race two put Thompson in the fifth position. Intense battles with Marco Cirone, Jeff Kingsley, and Patrick Dussault saw Thompson make his way up to second position. Heavy rain would fall, ending the race before he had any chance to challenge for the lead. The excitement of Thompson’s dramatic performance was tempered somewhat post-race when he was penalized one position for making a pass outside of track limits. The final result was third place.

After combining point totals for both races, Thompson holds second place in the overall championship standings, just one point behind race 2 winner Roman DeAngelis. The two drivers are also first in second in the Porsche GT3 Cup Challenge USA standings. Having shared the track for six races so far this year, Thompson and DeAngelis are demonstrating the tight competition that the GT3 Cup series is renowned for.

Photo credit SCB Racing

MAY 24 – 26, 2019 – INDY PRO 2000 Race 4 & 5 – Lucas Oil Raceway, Indianapolis, IN
JUN. 02 – 03, 2019 – CTCC Race 3 & 4 – Calabogie Motorsport Park – Ottawa,
JUN. 08 – 09, 2019 – GT3 CUP CANADA & USA – Circuit Gilles Villeneuve – Montreal

About Parker Thompson

Red Deer, Alberta native Parker Thompson is regarded as one of Canada’s premiere racing drivers. He started racing karts at age 8 and his natural talent and competitive drive quickly elevated him to international level competitions. By age 13 he was ranked 3rd in the world in Rotax Max karts. Now 21 years old, Parker continues his successful career racing on the Road to Indy, and in multiple sports car series.

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Alberta

Low oil prices could have big consequences for Alberta’s finances

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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.

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Alberta

Governments in Alberta should spur homebuilding amid population explosion

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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 CalgaryEdmonton 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.

Tegan Hill

Director, Alberta Policy, Fraser Institute

Austin Thompson

Senior Policy Analyst, Fraser Institute
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