There could be a national recession in Canada within a year according to David Madani of Capital Economics. In a note on Friday Madani, who proudly proclaims that he is independent of the housing sector, opined that if business investment was hit by 10 per cent due to the lower oil prices it could have a ripple effect through the economy which may cause recession. He noted that although exports are looking stronger they may not grow fast enough to offset falling oil revenue. Madani is also sticking to a four year old prediction for a “day of reckoning” for the housing market; a scenario that has been dismissed by many in the industry. Phil Soper of Royal Le Page told the Financial Post that when the price rises since the original prediction are factored in there would have to be a 45 per cent drop for it to be accurate. Read the full story.