A shoeshine in Calgary cost $10 when Tom O’Gorman, a portfolio manager at Franklin Templeton Investments, arrived from Wall Street in 2010; New York prices!
Not anymore. You can get your Oxfords polished and buffed for a mere $5, a deflationary spiral triggered by the similarly large collapse in the price of oil since the autumn of 2014.
Calgary’s office towers are either 30, 40, or 50 per cent empty, depending on who you talk to. The exact vacancy rate — 25 per cent downtown in the fourth quarter, according to Avison Young Real Estate Alberta Inc. — doesn’t really matter.
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