Heavy equipment auction sign of the times in Alberta
The stands out at Ritchie Brothers have not exactly been empty this week, but it seems many of the winning bids are coming from out of town.
With oil below $36/barrel, the dollar at $.75 U.S., buyers south of the border are cashing in
CBC News ·
The stands out at Ritchie Bros. Auctioneers have not exactly been empty this week, but it seems many of the winning bids are coming from out of town.
Alberta buyers did a lot of watching, as the price of oil fell below $36 a barrel Friday.
"There's just a ton of people here looking for the deal right now and they're wondering if it's going to be here in the spring," said Clayton Thomas, a Yukon building contractor.
With the American dollar so strong, it's the buyers south of the border cashing in.
"You know 75 cents right? They're making 25 cents a buck," said Dallas Roberts of Christina River Enterprises in Fort McMurray. "It's killing us. For the guys that want to, they're running it up and we don't want to pay for it, and they don't know what they're buying because they're on the net."
Brian Bryden, who runs a construction business in Thorhild, isn't buying at all.
"We want to look for another government similar to Ralph Klein and see it get really rolling again," he said. "That's what we're looking for. When we see that we'll be back so until then we won't be working."
Brian Glenn, senior vice president of sales for Ritchie Bros. in western Canada, said he's seen slow times here before and knows it'll change.
"If you've watched any of the gear sell, buyers as far away as Australia and the Middle East and obviously a lot of U.S. participation on the internet, so maybe where it's one market has slowed down a bit there's always somewhere else in the world that has demand."