The building stats for single family homes and condos, as well as housing prices  do not hold up to your schadenfreude laced theory.

Unlike the 1980's Trudeau induced scorched earth recession in Alberta, the difference this time is "where else are you going to go"?

Go to Toronto, you find only moderately better work opportunities. Go to Vancouver, say goodbye to the dream of home ownership.

Alberta, and Calgary in particular, is slowly scratching its way back. Brutal private sector cuts, belt tightening, the miracle of hard work.

And nary a government bailout of the private sector to be seen.