Saint John in New Brunswick, already a hot investment opportunity and exciting place to live, is looking better every day. Home to the Irving Oil Refinery, the largest in Canada, Saint John is an important Atlantic hub for processing and distribution of oil and natural gas. Proposals are in the works to convert existing pipelines into a 3,000 kilometer west-to-east pipeline running from Alberta’s rich energy reserves to the bustling port of Saint John. A number of high-profile political figures – including Alberta Premier Alison Redford, Former Conservative cabinet minister and senior executive at CIBC Jim Prentice, and New Brunswick Premier David Alward – have come out strongly in favor of the project and it is gaining steam. As these big projects near actualization, the time for investment in Saint John’s real estate is now.
A Bright Future
Talks are already in motion for improving the capacity and importance of the New Brunswick pipeline, allowing it to carry Alberta bitumen instead of natural gas. Premier Redford traveled to New Brunswick on June 1 to promote Alberta energy and advance the cause of a bolstered west-to-east pipeline. Jim Prentice has been pushing the same issue, stressing the importance of opening up new markets for Canadian energy. When this project reaches completion, Saint John will become an even more important port and international energy hub. Port Saint John President and CEO Jim Quinn called the opportunity “phenomenal.” (Trans-Canada Pipeline pitches west-east pipeline.)
The West-East Pipeline
Though this pipeline has encountered some resistance, the objections are not enough to stop the project, which would provide jobs, bolster the Canadian economy and increase Canada’s international market share. Environmental investigations have flagged no major concerns and regulators are on board.
The project would convert 3000 kilometers of pipeline to carry oil and involve building 1400 kilometers of new pipeline directly to Saint John. It would create thousands of jobs and pump billions of dollars of new investment into both provinces. Initial reports indicate that Saint John’s energy infrastructure can easily handle the change in volume and that there are no obvious obstacles going forward.
Beautiful Saint John
Historic Saint John, one of the oldest communities in Canada provides dozens of attractions for the young and culturally-minded. The Trinity Royal Heritage Conservation Area preserves a dozen blocks of beautiful Victorian buildings. Over the centuries the port has accepted immigrants, traders, colonists, and today, cruise ships. Like Boston and New York, Saint John is a product of its maritime heritage and maintains a strong cultural presence in the form of symphonies, sports teams, theaters and museums. Situated in beautiful New Brunswick on the Bay of Fundy, this city’s stock is on the rise.
Fantastic Opportunities for Investment
Saint John already houses a tremendously productive oil refinery and a port that handles the largest oil tankers in the world, and the pipeline talks are only making more attractive. A recent CREA report indicated that home prices were already on the rise, increasing by as much as 3% in one month alone.