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Gas flaring. Torch against the sky.

Even when demand picks up, there will be a significant amount of inventory

Home For Sale Real Estate Sign in Front of Beautiful New House.

Expect lower prices, CIBC report says

wall street, new york city

Economists had expected an even bigger drop

C.D. Howe Institute research finds the economy peaked in February, followed by negative growth

Red maple leaf isolated white background.

A CIBC report considers the fallout for provincial economies

Financial graph on technology abstract background

The March decline was surpassed only by an 18.4% drop in August 2014

business documents on office table with smart phone and laptop computer and graph business with social network diagram and man working in the background

The rating agency says world GDP is expected to fall to an “unprecedented depth in the post-war period”

Young business woman suffering stress working at office computer

Older Canadians are least affected

Young business woman working at desk typing on a laptop in office and drinking coffee.

Another 22% were absent from their jobs

International business network with connected lines, worldwide communication for internet of things, finance, trading, blockchain and web technologies, concept wit businessman using tablet computer (International business network with connected lines,

The outlook for Canada calls for a contraction of 6.2% this year