Oil Recovery: Part from Bloomberg article:
Oil Recovery
“There is going to be a modest recovery in the price of oil,” McKay said. “We’re calling for oil prices a year somewhere in the neighborhood of $70.”
While prices at that level will provide stability for Canada’s top-tier energy producers, smaller producers will still be challenged, he said.
Bright spots include British Columbia, with a “fairly strong” economy and balanced growth fueled by exports to Asia and the U.S., and more tourism due to the weaker Canadian dollar relative to the U.S. greenback, he said.
The country’s housing market is “on solid ground,” McKay said, with supply and demand based on fundamental growth in the marketplace and not mimicking the U.S. circumstances that lead to the financial crisis in 2008.
“What got the U.S. into trouble obviously was artificial demand and excess supply, and a correction happening,” McKay said. “We just don’t see that in Canada.”