kEiThZ
Superstar
If we have a true recession Alberta will be hit very hard not just housing.
1) Why is Alberta relevant to this discussion?
2) Why would Alberta (dependent on oil and gas) suffer more than Toronto (dependent on finance and real estate)?
I think reliance on extractive industries is bad. But let's be clear. That extraction produces something of value. Real estate and finance, especially as structured in Canada, are self-licking ice cream cones that were always due to eventually fall apart. The fact that realtors and mortgage brokers made more than engineers in Toronto, tells you everything about the flawed economy built there.
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