Edmonton Mayor Don Iveson says the Trans Mountain pipeline expansion project won't be a "silver bullet" for the city's economy even if it goes ahead.

And the city can no longer count on oilsands development for its economic health, Iveson said in his annual state of the city address Thursday in front of an Edmonton Chamber of Commerce audience at the Shaw Conference Centre.

"The oil sands are not likely to see a return to the frenetic expansion of the last generation," Iveson said.

He said the $7.4-billion Trans Mountain pipeline expansion isn't going to be a "silver bullet for future growth in Edmonton," although he referred to it as an "incredibly important project" for the province and country.

Read the full story at cbc.ca.