Business Roundup

Budget 2026

• The Alberta government projects a $9.4-billion deficit for the upcoming fiscal year, anticipating three consecutive years of deficits and more borrowing to fund an increase in spending of about 5%. Finance Minister Nate Horner said the United Conservative Party government is breaking its own fiscal restraint laws, blaming an increase in population at a time when oil royalties have been low. The government chose borrowing over raising income taxes or instituting a sales tax. "If Albertans want to give up some of that tax advantage to get off the roller-coaster, that's a conversation we can have," Horner told reporters.
• Alberta's 2026 budget will restore full grants-in-place-of-taxes funding to Edmonton for provincial properties within city limits. These grants have been cut by half since 2019, costing the city an estimated $16 million annually. Mayor Andrew Knack said he appreciated Premier Danielle Smith's decision to follow through on a matter former mayor Amarjeet Sohi had advocated for, noting that without full compensation for the municipal taxes that would be due on provincial buildings, Edmonton's property taxes would have to go up.
• The education property tax will go up under the new provincial budget, with $639 million expected to be collected in Edmonton this year. Finance Minister Nate Horner said municipalities will continue to collect the tax on behalf of the province, despite objections from Alberta Municipalities. ABmunis said the 2026 budget shifts the tax burden to municipalities, not only because of the continued requirement to collect the education tax, but also because funding for social services and infrastructure did not grow. "(We have) decided to say the quiet part out loud: Albertans will pay more property tax this year because of the Government of Alberta's decisions," the organization wrote.
• The provincial government has allocated $30 million to demolish the building that once housed the Royal Alberta Museum by the 2028-29 fiscal year. Finance Minister Nate Horner said the allocation is a "just-in-case" measure, as negotiations continue with a proponent to redevelop the 1967-era building in Glenora.
• A day before its budget was tabled, the Alberta government introduced the Traveller Protection and Destination Development Act, intended to protect consumers from misleading hotel fees. Bill 16 aims to ensure destination marketing fees, typically 3% to 6% of a room's cost, go entirely to designated organizations such as Explore Edmonton or Tourism Jasper, preventing businesses from keeping them for profit.

Economic development

• Start Alberta's Alberta Deep Dive 2025 discerned a "pattern of variability" in Edmonton's innovation ecosystem, with investment ranging from a US$6 million in 2016 to a high of US$411 million in 2020. "This fluctuation suggests that overall investment levels are often influenced by a smaller number of high-value anchor deals, rather than a steady volume of mid-stage financings," the report said, pointing to an opportunity to strengthen the depth and consistency of the capital pipeline to achieve the kind of sustained growth seen in Calgary. The report described Edmonton's innovation ecosystem as a "research powerhouse" with 650+ companies, compared to Calgary as a "scaled innovation hub" with 1,300+ companies. Alberta accounts for about 64% of new startups in the Prairies, Start Alberta posted.
• The City of Edmonton renewed its Social Objectives Agreement with Capital Power, securing $75 million in direct payments and continued annual community funding. The agreement requires the company to keep its head office in Edmonton for at least 10 years, supporting local employment and economic activity. It also grants Capital Power greater corporate governance flexibility through a special limited voting share from EPCOR.
• The City of Edmonton is seeking private-sector proposals for infrastructure and service partnerships as it prepares for rapid population growth. The city issued a request for expression of interest covering sites including Woodcroft Library, the Cumberland and Big Lake fire stations, and the Windermere North Transit Centre and arena facilities. The RFEOI is available online, with questions accepted until March 26 and submissions due April 2.
• Peter Keith of The Hub on Whyte Avenue said he has cancelled plans for a large summer patio in light of new fees for patios on public land. "While I understand our city's fiscal pressures, small hospitality businesses are NOT a municipal cash cow — try to milk them, and they'll die," he posted. Steven Hammerschmidt, who ran unsuccessfully for council in Ward O-day'min last year, raised concerns in an op-ed for Postmedia, suggesting it would be better for the city to take $100,000 from its downtown vibrancy initiatives and "redirect it toward sustaining the businesses already here." Ian O'Donnell, former head of the Edmonton Downtown Business Association, wrote that he understands both the city's revenue predicament and the challenges the fees present. "Pennywise and pound foolish? Death by a thousand cuts? However you position it, it's yet another impediment and risk to creating a more attractive and inviting (love) of our city," he wrote.
• Happy Beer Street has been officially designated as Edmonton's third entertainment district, allowing people to walk freely with alcoholic beverages during designated events on 78 Avenue between 99 Street and 100 Street. City council approved the bylaw establishing the district, following a recommendation from executive committee. Businesses in the area have planned more than a dozen events throughout 2026, with the first market scheduled for May.
• Representatives from the Edmonton region have returned from a life sciences trade mission in Dubai, Abu Dhabi, and Riyadh. "Trade missions like this are about more than meetings. They're about positioning our region globally, building long-term partnerships," says a post from Edmonton Global.
• Sam Jenkins of Punchcard Systems reiterated his call for Alberta to leverage the opportunity presented by tech giants' development of data centres to ensure the local tech sector benefits. "The key is execution that makes local capability non-negotiable: building a talent development pipeline, pathways for local suppliers to participate, and the conditions for Alberta businesses to adopt AI and build products that can scale beyond the province," he told BetaKit.
• Edmonton Chamber of Commerce CEO Doug Griffiths joined the Winning In Edmonton podcast to discuss his path from teacher to MLA and to advocate for Edmonton's business community, as well as his consultancy 13 Ways Inc.

Startups and SMBs

• RUNWITHIT Synthetics has launched INFLECTOR AI, a licensable, agent-based AI platform built on more than a decade of work creating synthetic models of cities and regions to help clients forecast the consequences of decisions. The company plans to sell INFLECTOR alongside its existing service model, targeting governments, researchers, and corporations invested in their communities' futures.
• Virtual reality company vrCAVE is ramping up to launch Heroes Together VR, the company's first direct-to-consumer virtual reality game. "The technology has changed; it's vastly simplified," Ryan Bromsgrove, vrCAVE's head of growth and marketing, told Taproot. "We decided that the market had changed enough and enough people were now into VR at home that this is something that we could do."
• NordSpace has launched NordSpace Ventures and made its first investment in satellite imaging company Wyvern, framing the deal as an act of sovereignty-building between two complementary companies. Wyvern CEO Chris Robson said the funding will advance his company's next-generation Rosette satellites.
• The second episode of Settle Down, a podcast co-hosted by the founders of Indigenous Box, Jack59, pipikwan pêhtâkwan, and mîskamasowin Foods, explores where winning ideas come from and how to make them happen despite disproportionate challenges for entrepreneurs who are Indigenous women.
• Tyler Butler of Adverb Communications shared the story behind the visual identity for Edmonton's 2030 Gay Games bid. The bid was unsuccessful, but the project earned the agency Awards of Excellence at both the IABC Edmonton Capital Awards and the IABC Canada Silver Leaf Awards.
• Tier3 IT Solutions president Jesse Hill shared lessons from successfully navigating a cyber-attack on the Executive Wins podcast, crediting simulation exercises conducted months before the actual incident for his company's preparedness.
• Feed the Soul YEG is releasing the Black Futures Dining Guide 2026 — a directory of 25 Black-owned food businesses — in place of its usual February dining week, citing funding challenges and the opportunity to support Black restaurants and food producers year-round. The organization plans to distribute 500 printed copies at events throughout the spring, starting at the new O-Day'min Park on March 3.
• 7 Summits Snacks is among the companies advancing in the latest Agri-Food Summit from Startup TNT. The top five companies will be announced on March 23, and the summit finale takes place on April 9.
• Balay Coffee has given up its space at The Hub on Whyte Avenue to focus on pop-ups and a sustainable business model. "It was clear to us that doing everyday operations was not sustainable for us yet," owners wrote in an Instagram post after about six months operating at The Hub alongside Beb's Bagels.
• Sapreet Buttar, CEO and founder of Universal Radio Network, spoke to the Stay Spicy podcast about starting her broadcasting career at age 12 and how her all-female production team became the first South Asian media outlet on the red carpet at the JUNO Awards.
• Patrick Moore, an assurance partner at MNP, appeared on the latest episode of CPA Alberta's Uncommon Sense podcast. Moore discussed his experiences as the ski waxer for Canada's 2026 Paralympic cross-country skiing team, and how he balances a demanding professional career with competitive sports.

Real estate

• Edmonton set a record $3.3 billion in commercial property investment sales in 2025, making it the only major Canadian market to see an increase, driven largely by a $1.5-billion surge in multifamily transactions, according to a JLL report. JLL also identified Edmonton as Canada's strongest job-growth market, supported by ongoing population growth and interprovincial migration.
• Southgate Centre's sale for $207.6 million ranked 13th on a list of Canada's top 15 commercial real estate transactions of 2025.
• After fires at vacant buildings such as the Jasper Place Hotel, city and business leaders are exploring tougher taxes on derelict commercial properties.
• City council approved rezoning for a vacant lot at 99 Avenue and 112 Street in the Wîhkwêntôwin area. Councillors voted 9-3 to change the property's zoning to mixed-use, overriding city administration's recommendation for direct control zoning. Mayor Andrew Knack noted that the mixed-use zone offers more heritage guarantees and height restrictions than the previous residential zoning, which allowed four-storey apartment buildings.
• Housing Forward, an affordable housing summit for the Prairies, is coming to the Edmonton Convention Centre from May 11 to 14. Stacey Gellatly, the branch manager of social development for the City of Edmonton, said it will bring together more than 500 housing leaders. Speakers include Andrea Nemtin, CEO of Social Innovation Canada, and there will be a fireside chat between former Edmonton mayor Don Iveson and former Toronto mayor David Miller.
• David Prodan of the Canadian Mental Health Association has published Squeezed Out, an arts-based, community-engaged "research zine" about housing affordability that centres the lived experiences of low-income tenants in Edmonton. The work, based on collaborative workshops with nine co‑researchers, argues that the housing system is designed to prioritize profit over human dignity and identifies four interconnected crises: colonization, unmet needs, tenants' rights, and homelessness.
• Demand for multi-generational housing is growing in Edmonton as affordability challenges push first-time buyers and their downsizing parents to pool resources. Builders are increasingly adding features such as side-entrance doors and basement suite infrastructure to meet the demand.
• The federal government plans to spend $3.7 billion to build 6,000 new military housing units across 25 communities, with Edmonton among the locations set to receive more than 1,000 new units. Defence Minister David McGuinty said the investment will support Armed Forces recruitment, which has increased 13% over the past eight months.
• Beaumont saw commercial vacancies drop from 21.3% to 6.5% in two years and added 42 new businesses, according to an economic update shared with council. The city is on track to add at least 75,000 sq. ft. of new commercial development in 2026, with permits recently approved for a grocery store and automotive repair services.
• Sturgeon County council heard from residents opposed to a proposed land-use amendment that would allow 246 residential lots in the Century Hills subdivision at nearly 15 units per net residential hectare — more than triple the density of neighbouring Tuscany Hills. Council will revisit the matter at a future public hearing.

More headlines

• Stantec reported record-setting income in 2025, achieving about $6.5 billion in net revenue. CEO Gord Johnston noted strong growth from Canadian defence contracts, including projects in the Arctic and upgrades of Canadian Armed Forces facilities. The engineering and consulting firm is also expanding into data centres, providing services for six campuses across five Alberta municipalities for the multinational Beacon AI. Stantec anticipates continued growth in 2026, forecasting an 8.5% to 11.5% increase in revenue.
• Jim Rakievich will retire as CEO of the publicly traded McCoy Global Inc. on May 14 after more than two decades in the role. COO Bing Deng is set to succeed him.
• Keenan Pascal, CEO of Token Naturals, Token Bitters, and Hansen Distillery, created the University of Alberta's first award for Black students at the Alberta School of Business. The National Black Coalition of Canada Award for Excellence in Business will recognize undergraduate students based on academic standing and community engagement.
• Roseanne Carey, chief financial officer of the University Hospital Foundation, appeared on the Women in Leadership and Entrepreneurship podcast to discuss raising capital, managing large organizations, and leading transformative change.
• Parkland County is offering a two-part online workshop series on farm direct marketing for producers as part of its Dig into Horticulture program.

Happenings

Here are some events coming up over the next seven days:

• Feb. 28: Economics & Sustainability: Finding Common Ground starting at 11:30am at University of Alberta (TELUS International Centre)
• March 3: Brand Strategy Workshop: Crafting a Brand That Builds Real Business Value starting at 8:30am at Supreme Steel
• March 3: MIT REAP Town Hall starting at 4:30pm at Edmonton Unlimited
• March 4: Jobber Summit starting at 8am online
• March 4: Menopause at Work: Supporting Midlife Women's and Employees' Well-Being starting at 10am online
• March 4: Unlocking Opportunity: How AWE Supports Alberta Women Entrepreneurs starting at 12:15pm online
• March 5: CEO Breakfast & Fireside Chat starting at 8am at Westin Edmonton
• March 5: Build Her Up: Skilled Trades Conference starting at 9am at NAIT
• March 5: Women In Tech & Innovation: Give to Gain starting at 11am at Edmonton Unlimited
• March 5: Chamber New Member Mixer starting at 1pm at Plaza Bowling Co.
• March 5: Preparing For Financing | Business Learning Series starting at 1pm online
• March 5: From Above and Below: Mapping the Planet with Next-Gen Environmental Intelligence starting at 4:30pm at 9910

And here are some upcoming events to keep in mind:

• March 11: Community Coffee Takeover: Levven Electronics at Edmonton Unlimited
• March 11: Open Data Day at Edmonton Public Library (Stanley A. Milner)
• March 11: Leading With Purpose: Stronger Leaders, Businesses & Careers at Aura Cocktail Bar

Visit the Taproot Edmonton Calendar for many more events in the Edmonton region.

Beyond Edmonton

• Technology and Innovation Minister Nate Glubish told a Calgary audience of plans to keep tech companies anchored in Alberta through a provincial co-investment framework and AI tools to streamline government procurement for local startups.
• A developer proposed building a $10-billion AI data centre in Olds that would consume as much power as Edmonton, prompting residents to voice concerns about the project's impact on the town of 10,000 people.
• Alberta's planned fall immigration referendum is creating uncertainty for some investors, though large rental property owners in the province say they are not overly concerned about the potential effects of decreased immigration on their holdings.