{"id":12134,"date":"2015-09-11T17:54:51","date_gmt":"2015-09-11T22:54:51","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12134"},"modified":"2015-09-11T17:54:51","modified_gmt":"2015-09-11T22:54:51","slug":"inside-ground-zero-of-canadas-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12134","title":{"rendered":"Inside Ground Zero Of Canada&#8217;s Recession"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-09-11\/inside-ground-zero-canadas-burst-oil-bubble\" target=\"_blank\">Inside Ground Zero Of Canada&#8217;s Recession<\/a><\/h3>\n<p>In the past year, we have extensively profiled the collapse of ground zero of Canada&#8217;s oil industry as a result of the plunge in the price of oil, in posts such as the following:<\/p>\n<ul>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-14\/canada-crude-contagion-calgary-home-prices-drop-most-2-years\">Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years<\/a>&#8220;<\/li>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-24\/canadas-biggest-oil-casualty-date-calgarys-nexen-shutters-oil-trading-desk\">Canada&#8217;s Biggest Oil Casualty To Date: Calgary&#8217;s Nexen Shutters Oil Trading Desk<\/a>&#8220;<\/li>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-24\/canadian-housing-bubble-has-begun-burst\">The Canadian Housing Bubble Has Begun To Burst<\/a>&#8220;<\/li>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-06-26\/mourning-malinvestment-canadas-oil-patch-confidence-crashes\">Canada&#8217;s Oil Patch Confidence Crashes<\/a>&#8220;<\/li>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-02-01\/canada-mauled-oil-bust-job-losses-pile-%E2%80%93-housing-bubble-banks-risk\">Canada Mauled by Oil Bust, Job Losses Pile Up \u2013 Housing Bubble, Banks at Risk<\/a>&#8220;<\/li>\n<li>&#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-02-03\/stage-set-massive-housing-market-correction-canadas-oilpatch\">The Stage Is Set For A Massive Housing Market Correction in Canada&#8217;s Oilpatch<\/a>&#8220;<\/li>\n<\/ul>\n<p>Since then it has gotten far, far worse for Canada. In fact, as of September 1 it culminated with the first official recession in 7 years.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/08-overflow\/20150901_gdp.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/08-overflow\/20150901_gdp_0.jpg\" alt=\"\" width=\"600\" height=\"317\" \/><\/a><\/p>\n<p>And it&#8217;s only downhill from there. As Mark\u00a0<a href=\"https:\/\/mises.org\/blog\/canadas-real-estate-bubble-turns-bust\">Thornton of the Mises Institute points out<\/a>, in a report from the\u00a0<a href=\"http:\/\/www.financialpost.com\/m\/wp\/news\/blog.html?b=business.financialpost.com\/news\/property-post\/half-empty-office-buildings-on-the-rise-in-calgary-edmonton-amid-oil-price-plunge&amp;pubdate=2015-09-03\">Financial Post\u00a0<\/a>shows that Calgary in Alberta Canada\u00a0<strong>now has 1.7 million square feet of empty office space, the most in North America with another 5.2 million under construction<\/strong>! After years of booming construction, the natural resource rich country is starting to feel the pinch. To wit:<\/p>\n<blockquote>\n<div class=\"quote_start\">The number of half-empty office buildings in Alberta is projected to spike, as Colliers International predicts an \u201cill-timed\u201d building boom should push up vacancy rates in Calgary and Edmonton. In a report released Tuesday, the real-estate brokerage\u2019s chief economist Andrew Nelson said, \u201cthe fall in oil prices has had a negative impact on the energy-reliant markets (in Western Canada),\u201d which has contributed to rising vacancy rates and falling rental prices in Alberta\u2019s two largest cities.<\/div>\n<p>Vacancy rates jumped over the course of the second quarter. In Calgary\u2019s case,\u00a0<strong>Colliers reported the downtown vacancy rate rose to 13 per cent from 10 per cent<\/strong>, while Edmonton\u2019s vacancy rate increased to 11.2 per cent from 10.6 per cent.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inside Ground Zero Of Canada&#8217;s Recession In the past year, we have extensively profiled the collapse of ground zero of Canada&#8217;s oil industry as a result of the plunge in the price of oil, in posts such as the following: &#8220;Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years&#8220; &#8220;Canada&#8217;s Biggest Oil Casualty [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2693,103,353,8920,7617,1775,1264,4318],"class_list":["post-12134","post","type-post","status-publish","format-standard","hentry","category-economics","tag-calgary","tag-canada","tag-gdp","tag-mark-thornton","tag-mises-institute","tag-oil-price-collapse","tag-recession","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12134"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12134\/revisions"}],"predecessor-version":[{"id":12135,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12134\/revisions\/12135"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}