A nasty quarter at the epicenter of the Great American Oil Bust.
Commercial real estate in Calgary, the epicenter of the Canadian oil bust with 1.2 million people, is collapsing at a breath-taking rate.
Renters Squeezed by the Fed’s “Wealth Effect”
“See-through buildings” get dumped on the market.
Gets even gloomier, hammers ZIRP, starts selling.
Previously “pent-up” real-estate demand to “fizzle.”
Signs of a bust pile up.
This could get very ugly!
“All it takes is a couple of big tech companies folding and the floodgates open, causing the sublease market to blow up, rents to drop, and new construction to grind to a halt.”
So who is getting hit?