Calgary Market Falters as Oil Prices Fall
In the past 7 months the price of WTI oil has plunged 58%, closing Friday at close to a five-year low of $45.29 US per barrel. The economic consequences of the collapse in oil prices can’t be understated and are bound to cause a shift in the Calgary real estate market, which has experienced a mini-boom for the past 43 months.
It will come as no surprise that Calgary real estate sales have plunged this month. January month-to-date property sales in Calgary are down 36% from the same period last year, while listing inventory in the city is 81% higher than a year ago *January 28th*.
What is a surprise to some is that the price of Calgary homes - to this point - has not plummeted. While the median sale price of