Quote:
Originally Posted by ExiledFlamesFan
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It bears repeating. During the last bust (2008-2009), our unemployment rate doubled, housing prices fell by 10-20%, and we had negative interprovincial migration.
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... and it bears repeating that a lot of that was caused by a US-initiated credit crunch; lenders weren't lending much those days to neither businesses nor homebuyers, because of the near-collapse of their banking system. That's the most important qualifier, which you keep omitting. No one is arguing that the O&G industry will be coping with tougher times in 2015. Also, no one knows when the oil prices recover. Everyone knows though that they will, eventually, as they always do. There is no credit crisis on the horizon at this point. Not a single Canadian lender has been warning about credit-tightening so far and, on the contrary, lenders' business development people are actively looking for new real estate credit with both new and existing customers.