Atta Ikede

June 23, 2009

Update on “where’s the recession?”

Filed under: Uncategorized — attaikede @ 9:01 am

I remember a while ago I posted that despite the hoopla, I personally hadn’t seen much evidence of a recession and that so far, it sounded a bit academic to me. Looks like I posted that back in December. Here’s how things have changed:

1. I think I told you that the street I live on, is full of shi-shi stores and overpriced boutiques. Not Gucci or Prada, but we’re talking $1k dresses that don’t look that different from the Macy’s sale rack. $300 “organic” yoga pants and Marc by Marc Jacobs.  At least two of the larger, more unjustifyably expensive stores have since left the street, leaving huge papered up store fronts.  They were empty in March, before I went to AU, and they’re still empty now. A few small stores also appear to have had some turnover.

2. When I was looking for my apartment last year, I had to rely entirely on craigslist apartment ads. You could walk around a neighbourhood and perhaps pick out a couple “for rent” signs after walking a mile, but that’s it. Not so anymore. I can literally walk down any street in my neighbourhood now and find “for rent” signs on every block. Some of the very expensive high rise buildings (where it’s $2700 to $3k for a ONE bedroom. Don’t ask.) have had the signs up for more than a month. That would have been impossible last year. I noticed lots of “for rent” signs along the bus route I take to work too, so it’s not just this silly area that got affected.

3. I know people who have been laid off or had some kind of paycheque adjustment for a while. Smart people with good resumes.

So yeah, it kinda started feeling real over the past few weeks.

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