Construction on The Bow is going ahead (it had been on hold for a short while around the start of the year). It will be the largest building in Canada (outside of Toronto). There is still a huge amount of construction going on in Calgary, even with the recession.
The recession has had an impact, though. There are at least 9 large condo or office tower projects that have been abandoned, leaving the city with the problem of what to with the deep excavations. The one pictured below was to be called the Gateway Midtown. It is one of two abandoned sites within a quarter mile of my home.
I remember earlier boom/bust cycles and abandoned construction sites that remained an eyesore for years. I hope something can be done about these new ones.