Quote:
Originally Posted by ehntr
I'm not really all that concerned with how much it costs me to fill up my tank. I like that it's cheaper now but there will be a cost. What that cost is will affect all of us in other ways...................right now I'm think the real estate market. Will this be the shove that causes real estate value to crash?
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I worry about the real estate part. Out of the crash of 2008 the two things that have kept canada rolling are a housing boom and an oil boom. Alot of eggs have been put in the oil barrel. Canada is a nation of 32 million that produces 4 million barrels of oil per day (5.3million boe's).
We have essentially become a petro state in the last 7 years. All those other countries that we see going into deficits, recessions etc because of the low oil price..... well we are the 5th largest producer in the world behind china and the only producers bigger after that are usa,saudis, then russia.
Being the highest cost producer in the world we will get hit the hardest.
Everyone around the world has red flagged our housing market as a bubble and we always said 'no no no' eventually something is going to give.