{"id":4561,"date":"2015-01-14T21:28:05","date_gmt":"2015-01-15T02:28:05","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4561"},"modified":"2015-01-14T21:28:05","modified_gmt":"2015-01-15T02:28:05","slug":"canada-crude-contagion-calgary-home-prices-drop-most-in-2-years","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4561","title":{"rendered":"Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-14\/canada-crude-contagion-calgary-home-prices-drop-most-2-years\" target=\"_blank\">Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years<\/a><\/h3>\n<p>For the 2nd month in a row, home prices in Calgary &#8211; corporate hub of Canada&#8217;s oil industry &#8211; have fallen. This is the\u00a0<strong>biggest 2-month-drop in almost 2 years<\/strong>\u00a0(<a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-13\/suncor-cuts-capex-1-billion-fires-1000-it-implements-hiring-freeze\"><em>and comes on the heels of yesterday&#8217;s news that Suncor is slashing jobs and capex<\/em><\/a>).\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/2015-01-14\/calgary-home-prices-drop-most-in-almost-two-years-on-oil-plunge.html\">As Bloomberg reports,<\/a>\u00a0Bank of Canada Deputy Governor Tim Lane said yesterday development of the\u00a0<strong>more expensive deposits are threatened by lower crude oil prices<\/strong>. &#8220;The dive in energy prices will put pressure on house prices in the Western provinces in the coming months,&#8221; warns one economist and\u00a0<strong>as the following chart shows, more pain is likely.<\/strong>..<\/p>\n<p>It appears the price of homes in Canada&#8217;s most important energy region are extremely correlated with a lagged oil price&#8230; which suggests a lot more pain is to come&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/01\/20150114_calgary.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2015\/01\/20150114_calgary_0.jpg\" alt=\"\" width=\"600\" height=\"297\" \/><\/a><\/p>\n<p>*\u00a0 *\u00a0 *<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-02\/guest-post-oil-looming-canadian-housing-bubble-crash\">As we explained previously, this won&#8217;t end well&#8230;<\/a><\/p>\n<p><strong>In Canadian debt we trust<\/strong><\/p>\n<p class=\"spx_inspected_extr spx_global\">There was an inflexion point for US markets when household debt surpassed household income.\u00a0 People kept saying it was a liquidity crisis initially but it was truly a solvency crisis.\u00a0 People took on too much debt and were walking on a financial tightrope.\u00a0 In the US, this peaked above 120 percent.\u00a0 Canada is well on its way above 160 percent:<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada Crude Contagion: Calgary Home Prices Drop Most In 2 Years For the 2nd month in a row, home prices in Calgary &#8211; corporate hub of Canada&#8217;s oil industry &#8211; have fallen. This is the\u00a0biggest 2-month-drop in almost 2 years\u00a0(and comes on the heels of yesterday&#8217;s news that Suncor is slashing jobs and capex).\u00a0As Bloomberg [&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":[2,3],"tags":[2693,103,2694,2340,1775,2341],"class_list":["post-4561","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-calgary","tag-canada","tag-house-prices","tag-housing-market","tag-oil-price-collapse","tag-suncor"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4561","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=4561"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4561\/revisions"}],"predecessor-version":[{"id":4562,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4561\/revisions\/4562"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}