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Stories Tagged - oil
News
Dec. 16, 2020 | Barb Livingstone
With little relief on the horizon, Calgary's downtown office market is expected to struggle well into 2021
Calgary's downtown office vacancy rate is going nowhere but up.
By the end of this year, that rate is projected to jump to 29.5 per cent, and it will climb even higher moving into 2021, says Greg Kwong, regional managing director with commercial real estate company CBRE.
By the end of this year, that rate is projected to jump to 29.5 per cent, and it will climb even higher moving into 2021, says Greg Kwong, regional managing director with commercial real estate company CBRE.
News
April 17, 2020 | Tyler Difley
Bank of Canada maintains 0.25 per cent interest rate despite bleak economic forecast
The Bank of Canada announced on April 15 that it would keep its overnight rate target at 0.25 per cent and that no additional rate cuts should be expected.
This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.
This decision to hold rates steady came on the heels of three rate cuts in over a month, as the COVID-19 pandemic and plummeting oil prices exact a heavy toll on the Canadian economy.
News
March 20, 2020 | Tyler Difley
Bank of Canada makes emergency rate cut amid COVID-19 pandemic
In an unscheduled move, the Bank of Canada (BoC) recently announced it was cutting its overnight lending rate to 0.75 per cent, effective March 16. The move was made to counter the negative economic repercussions of the COVID-19 pandemic and plummeting oil prices.
News
Jan. 22, 2016 | Cody Stuart
Five things about Calgary's commercial office market
By the numbers
With much of the news coming out of Calgary's commercial market negative, especially for many of those that once toiled away in one of the city's many office towers, the future of downtown Calgary is, in many ways, up in the air. Adding to the uncertainty are several new office towers set to be added to downtown Calgary in the coming months. CREB®Now looks at some of the numbers coming out of Calgary's evolving skyline.
16%
Inversely tied to the declining price of oil, the vacancy rate in Calgary's office market has increased from around six per cent in 2014 to a once unfathomable 18 per cent in 2016, according to commercial real estate firm Colliers International.
With much of the news coming out of Calgary's commercial market negative, especially for many of those that once toiled away in one of the city's many office towers, the future of downtown Calgary is, in many ways, up in the air. Adding to the uncertainty are several new office towers set to be added to downtown Calgary in the coming months. CREB®Now looks at some of the numbers coming out of Calgary's evolving skyline.
16%
Inversely tied to the declining price of oil, the vacancy rate in Calgary's office market has increased from around six per cent in 2014 to a once unfathomable 18 per cent in 2016, according to commercial real estate firm Colliers International.
News
Feb. 19, 2015 | CREBNow
'Too early to tell'
Longevity key to housing market during oil price recovery: CREB
It's still too early to tell how Calgary's resale housing market will respond to recent gains in the price of oil, said CREB® chief economist Ann-Marie Lurie.
"We have to see how long – if [oil prices] continue to move up, how much it moves up, when it stops ... That's what we're looking for. So it is still too early," she said.
After significant declines starting in October, oil prices started to see some improvements recently before another slight drop this week. West Texas Intermediate, a U.S. grade of oil used a benchmark for North American oil prices was just over $53 US a barrel this week after dropping to near $40 earlier this year and is off 43.32 per cent compared to the same time last year.
It's still too early to tell how Calgary's resale housing market will respond to recent gains in the price of oil, said CREB® chief economist Ann-Marie Lurie.
"We have to see how long – if [oil prices] continue to move up, how much it moves up, when it stops ... That's what we're looking for. So it is still too early," she said.
After significant declines starting in October, oil prices started to see some improvements recently before another slight drop this week. West Texas Intermediate, a U.S. grade of oil used a benchmark for North American oil prices was just over $53 US a barrel this week after dropping to near $40 earlier this year and is off 43.32 per cent compared to the same time last year.
