Owning a company called Alberta Oilsands Real Estate you'd think the fall of oil would be nerve wracking. Well it is. It's not the first time we've been through a recession - in fact it's my third. No matter how many you go through you don't enjoy them, but you see the possibilities.
I remember in 2007 watching a young Realtor on TV saying "we've never seen this in Alberta". (I thought maybe not the 20 year olds) We ARE used to this in Alberta. It's kind of part and parcel with living in a commodity driven province.
Most Albertans will tell you to put funds aside for the next downturn and don't over extend yourself. When you get to the really savvy Albertans they will tell you "Don't waste a good recession"
It's a time for re-evaluation and re-development. For example giving out of work oil geologists and engineers funds to start new green companies. It's a time to change your focus and redirect your energy, open all the doors that you never looked in because oil was $100 a barrel.
Alberta IS about oil but that's not all it's about. Todd and I talked about this recently if the oil were gone would Edmonton still be a great place to invest in? YES. The population is growing (not at record amounts but its moving), there are world class universities, great innovation and a lot entrepreneurial spirit.
Todd Hirsch wrote about all the economic juju Alberta has aside from oil. You must read this.
Alberta's not going to close its doors and shut down. We might just get new better doors.