The NDP: Doing for Alberta what Douglas did for Saskatchewan.
Calgary’s office vacancy rate is so large that it’s become an albatross with implications for developers, city finances and, ultimately, taxpayers. “We went from essentially zero to almost 30 per cent (vacancy) in about 18 months,” Nenshi said. “I love roller coasters, but this is too much. The recovery will not be that quick. It’s going to be more slog work.”
Both Barclay Street Real Estate and Avison Young put the vacancy rate at 24 per cent, but it’s closer to 30 per cent for older buildings and projected to rise to 27 per cent later this year and remain high in 2018.
It’s estimated there is 13 to 14 million square feet of vacant space within Calgary’s striking cluster of glass towers. That’s equivalent to all the office space in downtown Vancouver.
Only faster.
h/t Sask Watch
So is this a Government induced recession or a Government induced Depression?
How much more will the province fall?
If this keeps up transfer payments will reverse flow FROM Quebec/Owetario TO Alberta…
But hey, “The budget will balance itself…!”
Eventually, they will run out of other peoples money and print some more.
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group ‘True North’
Just ask anyone in a retail or service industry here how things are and prepare fir much whinging. Ironically, they’re generally the ones voting for this nonsense.
Alberta is an example of a protest vote gone wrong. Lesson learned should be never vote in a snit or be prepared to pay the price.
My employer is consolidating branches into an office tower vacated by Imperial Oil several years ago.. the landlord is carrying some of the space upgrades, glad to have a tenant, instead of empty space.
The eNDeePee government came in at a bad time, but thru gas on the fire too. 1-4 lost job directly due to oil tanking from $100+/bbl to
Much of the NDP’s budgeting is based on oil recovering to $60 and $70 a barrel. Hard to see that happening. The discussion on transfer payments in 2018 should be interesting. Quebec is looking for infrastructure money from the Federal Government at a time when it is the highest net receiver of transfer payments and Alberta is the highest net contributor.
Maybe it’s time to end Equalization, make provincial governments more responsible. Quebec is rich in resources while perpetually on the dole through Equalization.
Somewhere, in the parallel leftist universe that continues to haunt us, someone is working on a proposal to turn that vacant space into housing for refugees. Sunni times, my friends.
Saskatchewan learned what the NDP did to us for 30 years. A flat economy. Now the Federal Liberals are trying to stick it to Sask. Launch a law suit against Trudeau and company Brad.
It is amusing. Everyone has a choice. And it seems universal, that the majority will always vote for the guaranteed misery and failure of socialism. Next election, Saskatchewan will vote for failure, and try to beat Alberta and Ontario to the Holodomor finish line.
The dream of living forever at the expense of others always ends at the same place.
Yeah, sure, what a great plan. Trudeau’s charter was designed with the sole purpose of destroying the individual in Canada. How many Liberals are there in the supreme Court? You think they don’t know why they were put there? The only way out, is to get out of Canada; but your pagan diety Wall won’t do that, will he. You have fun worshipping at the alter of Wall, while only words are spoken and no action is actually taken.
“Alberta is an example of a protest vote gone wrong. Lesson learned should be never vote in a snit or be prepared to pay the price.”
Some truth to that, Liz J. But this wouldn’t happen if the lessons of political history had been learned by the Conservatives/Wild Rose in the first place.
Oh but Nenshi had tingles up his leg when the Rach was elected, a fellow traveller, a bike lane enthusiast, a dopey leftie that could save the world one blue hula hoop at a time. I think there were even Calgary (transplanted) people that voted for him cause of his hair. Well enjoy it Nenshi, you wanted it.
Alberta is suffering way too much with oil at $50 per barrel. One thing to remember is that this is $67 Canadian, historically on the high side. It was only above $100 US for a few years. The US oilpatch is doing way better than Canada. It isn’t partly Notley’s fault – it’s all Notley’s fault.
The truth – all grumbling about the provincial NDP or our Dear Leader and his Children’s Crusade in Ottawa aside – is that the price of a barrel of oil fell through the floor.
With all the consequences you’d expect for a provincial economy based almost entirely on the stuff, particularly the more expensive to extract oilsands variety.
(On the other hand, despite the setbacks produced by the precipitous drop in oil prices, Alberta still remains the most prosperous province in the country).
I hate to be the other side of this –actually, no, I don’t– but there it is.
I am no fan of Notley to be clear
All of you pointing at the people left with the mess seem to have forgotten the 4 decades of government that actually created the mess.
Let’s take everybody’s hero, the brain damaged drunk who “fixed” the economy by slashing basic education and health so badly that people died taking taxis between hospitals.
The stunned cow who was building luxury apartments and taking her family on taxpayer funded trips
The twenty years of ignored failing infrastructure while cutting royalties on the most profitable companies in history
You can whine and yell all you like but everything above is a fact
http://www.youtube.com/watch?v=KhMichSN2m0
You gotta understand that socialist extremist that run the government of Alberta, as all socialists and fascists and other such do, don’t care what happens to the populace.
It is the ideology, not reality that concerns them, pure talk, pure bull shit. Nothing else matter. Just have a glance at NKorea, Cuba, Venezuela……
They cannot deviate from their goal of “workers” paradise.
They promised the unions money. Of course they have none. The next best thing is raise taxes on the working people.
Hey, if that does not cover it, banks would be more than happy to supply the cost overruns, they will collect their money in due time, although if you will note link on drudge today, Could Illinois be first state to file for bankruptcy? , the whole thing could collapse into mayhem on global scale.
Yeah, the socialists will screw things up, every time, everywhere without fail.
This is the right time to move all the homeless in Canada to Calgary so they can live in these vacant buildings.
“This is the right time to move all the homeless in Canada to Calgary so they can live in these vacant buildings. ”
You’re forgetting that government retrofitting costs twice what new construction does. Mind you, that usually doesn’t stop them. An office is not a house.
Just listening to one of Wall’s ministers on 650. Used the word “renewables” in reference to unreliable power generation. Talked about Saskatchewan’s commitment to 50% unreliable power generation. Talked about how it was more aggressive and better than Notely’s Alberta target.
Wall and the Sask party are part of the problem; they are on the other side.
How happy you all must be, that a Saskatchewan cabinet minister is bragging about out Notleying Notley.
Alberta Federation of Labour political video.
So are we to assume that your comment is sarcasm? Cuss you see they are the ones in control now. And the answer is always higher taxes which they have accomplished. And things are all fixed now, right?
“Wall and the Sask party are part of the problem; they are on the other side.”
And you would prefer the alternative? Carbon tax? Dramatic increase in the civil service? More regulation and government interference? Higher corporate taxes and royalty rates to chase businesses away? Have-not status?
Sure Premier Wall and the Sask Party aren’t perfect but remember what’s waiting in the wings to take over if things really go south.
Nenshi is a reckless profligate spender of the highest order. The Calgary city council are his equal. This thing can’t be fixed with the kind of policy that they bring.
The world is awash in oil. The Americans are going to flood the market shortly. $40 soon and maybe that’s the new level. Tough times ahead for OPEC and the ruskies. They deserve it.
Abtrapper you nailed it. If you wanna place blame (wich i am not at all) blame usa they out produced opec by fracking inturn opec tried to out produce them wich drove oil through the floor and thats great in my books cheap oil , cheap fuel, cheaper goods and besides i would rather usa take the lead and hold market share than tje number one state sponsor of terrorism in tje world wouldnt you? Usa has had enough trump is my evidence.canada in my opinion is on tje verge of a total economic finanxial realestate oil gas gov collapsr and it will be made worse by the gov take over of said failing industries . Store beans,bullets, and band aids folks i have a feeling we will need em in tje next decade.
The happy-faced socialists grew their Alberta leviathan welfare state to being by far, the largest spending province per capita in Canada, all on the backs of resources now in a slump. The dour-faced socialists inherited the problem and are trying (in 100% futility) to save the planet’s climate as a PR distraction from a policy desert guaranteed to make everything worse. Nenshi thinks he can play the diversity game to keep his bloated municipal leviathan intact as if a high-expectation resource economy can somehow compete with skilled, low cost, foreign competition in the wet dream of manufacturing or tech (unrelated to the natural advantages of Petroleum, Agriculture, Mining, Forestry, etc).
In addition to my above comment ….all of the troubles in alberta are driven by 1)unions 2)gov 3)stupid,ignornant (take your pick or choose all of these) lazy fat dumb and happy blue collar albertans voted for all of this i blame the gov for doing what its doing but i blame albertans for putting them there never forget that. And jason kenny is a fat liberal loser brian jean is a little slimmer weak cuck politically correct loser as well politics is not for him. . If those are my choices then i will vote for a christian hertage party ill stay home or i will vote ndp just to ensure total destruction chaos pain and suffering is expierienced by all in alberta so tjey realize elections have consiquences.
Appeal to emotion. Nice. So I assume then, that you are fully on side with Wall out Notleying Notely. You are fully on side with going to 50% unreliables vs Notley’s less aggressive 30% unreliable power generation. I assume as long as Wall says things you like to hear, no action is necessary or required. No changes in the size of government. No closings of entire departments.
Since you are not making actual arguments, that leaves me free to make assumptions about what your position actually is. Logical fallacy is fun.
I just found the spot for all dem future lieberal votin’ syrian etc refusges. note the spelling
I still dont understand all the hand wringing and balewaling over low oil prices.
maybe a downer for some select geographical areas and economic sectors but the immense majority trying to pay for fuel for delivery trucks, utilities, etc et friggin CETERA, why, why, why does Bay street and Wall street push the panic button when the oil price dives?
“I still dont understand all the hand wringing and balewaling over low oil prices.”
The problem for Alberta – and by extension Canada – is the cost of extraction when it comes to the oil sands.
Simple math: if it costs more to produce a barrel of oil than it’s worth, well, then the business case collapses.
Doesn’t Calgary have a muzzie mayor?
The solution is obvious: Talk to the Saudis to fund changing the office space into mosques, and talk to Justine to fill them up with the faithful.
Viola! problem solved!
“And you would prefer the alternative? Carbon tax?”
Take moment to look at Sask Parties’ position on AGW. Politicians are pretty well all the same. They all have bought into man made global warming. Carbon tax – we in Saskatchewan have already paid the ‘carbon tax’. One billion plus dollars spent on that carbon capture and sequestration project. Simply a good waste of plant food (CO2).
I understand both your point history buff and i tend to agree cheaper fuel means better fun for everyone vacations cost less food everything …..but the flip side is to the other point made by jjm in that it costs alot to produce oil in canada however my responce to that is that the industry is using cutting edge high tech tequniques and are still being clobbered also they are consolidating and trimming fat for example a directional driller is now tasked with doing mwd work as well eliminating my position in 2014 and i was laid off ….my point is that the industry is at its max as far as trimming fat and tech advancememt so im aiming right back at gov both fed prov and u.n. they are the ones to blame here ralph balanced budjets and paid debt off when oil was 25$/bbl he blew up a hospital the cry babies cried but services never changed not one minute longer so it was a good move people are so hung up on public services as if they always existed its pathetic to see grown men begging gov to educate thier kids and plow the snow or what have you if men were ttuly men they would be riotting over this nonsense of man made climate global disruption warming change taxing exhaled air while these fat lazy politicians fly around yapping sucking each other off in money soaked orgies of largess blowing smoke up eachothers asses like they are so noble its pathetic to see
Ralph did what he said, it made sense at the time.
Sad the debts up from Zero (0) to $75B in ten yrs?
Very upset. Yes.
Canadian petroleum is exported in volumes many times larger than the domestic market. This brings in foreign exchange in vast quantities allowing Canadians to purchase foreign goods and services. Higher petroleum prices translate to leveraged benefits to Canada far exceeding the increased costs to consumers.