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Canada’s Oil Patch Goes Into Convulsions

Canada’s Oil Patch Goes Into Convulsions Alberta, the province that has become the epicenter of Canada’s oil bust, does not yet have a budget for fiscal 2015-16. Premier Rachel Notley promised delivery by October. But it won’t be easy. Ideas are already floating around and are getting shot down. The problem: a budget crisis has […]

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Canada Housing, Office Market Mauled by Oil, Layoffs – but Vancouver Bubble Still Soars

Canada Housing, Office Market Mauled by Oil, Layoffs – but Vancouver Bubble Still Soars Back in December, the Bank of Canada said home prices were overvalued by as much as 30% and posed an “elevated” risk to the Canadian financial system. In January, Deutsche Bank found that Canada’s housing market was, more realistically, 63% overvalued. In greater […]

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The Canadian Housing Bubble Has Begun To Burst

The Canadian Housing Bubble Has Begun To Burst Don’t look now but slumping crude prices are hitting the Canadian housing market like a freight train. Energy accounts for 10% of Canadian GDP and around 25% of exports and the swift fall in oil prices is having a profound effect in the nation’s oil producing regions. Take […]

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Layoffs, Spending Cuts Permeate Alberta’s Oilpatch On Quarterly Results

Layoffs, Spending Cuts Permeate Alberta’s Oilpatch On Quarterly Results CALGARY – There was a splattering of red ink in the oilpatch Thursday, as the steep drop in oil prices weighed on the bottom lines of some of the energy sector’s biggest names in the last three months of 2014. Oilsands producer Cenovus Energy Inc. (TSX:CVE) […]

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“The Stage Is Set For A Massive Housing Market Correction in Canada’s Oilpatch”

“The Stage Is Set For A Massive Housing Market Correction in Canada’s Oilpatch” Two weeks ago we reported that “the next victim of crashing oil prices has been identified: housing“, particularly non-residential construction among the energy producing regions, where the capex collapse reality is already being felt far and wide. Eventually, once the overall economy […]

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Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years

Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years For the 2nd month in a row, home prices in Calgary – corporate hub of Canada’s oil industry – have fallen. This is the biggest 2-month-drop in almost 2 years (and comes on the heels of yesterday’s news that Suncor is slashing jobs and capex). As Bloomberg […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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