Wednesday, April 09, 2014

LNG Dreams Drive Kitimat Housing Up 70%

Kitimat Housing Boom
Kitimat goes from doom to boom

This article in the Globe and Mail outlines the impact the modernization of the Rio Tinto Alcan smelter combined with work being done in advance of building LNG export terminals.

The new smelter should be operational in 2015 at which time nearly 1,200 people will transition from the old smelter to the new. The final push to complete the $3.3 billion project will employ 3,000 construction workers. About 550 workers and crew will be housed in a leased cruise ship that arrived last month to help with the housing shortage. 

Although no final investment decisions have been made to proceed with building LNG export terminals, hundreds of millions of dollars are being spent in advance work. Mr. Poirier, general manager at Rio Tinto Alcan noted that Kitimat is enjoying a streak of good fortune, "Kitimat is going from doom town to boom town," " If any of the LNG projects become true and get built, it will be great news."

Single family detached homes are up 70% from the same period in 2013 which now average $321,786.00.

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