It should come as no surprise that the oil price crash has hit Canada particularly hard. Much of the Canadian economy’s strength in the last few years was built around the export of commodities and production of oil. The fall of China hobbled the first leg of the Canadian economy, while the oil price crash has hammered the second. The Bank of Canada recently offered new evidence supporting that view. According to Deputy Governor of the Bank of Canada Lynn Patterson, Canadians should not expect oil prices to exceed $100 a barrel again any time soon, and the pain from the oil price crash will radiate across Canada. In particular, Patterson noted that while income and wealth losses are going to be greatest in oil producing regions like Alberta, those effects are going to spread as the knock-on impacts of lost income hurt businesses in all sectors of the […]