Calgary Real Estate & The Falling Price of Oil
January 13 2016: 2015 was a challenging year for businesses, and the Calgary real estate market wasn't immune to lower oil prices and the resulting downturn in the economy.
The falling price of oil impacted sales of Calgary property as well as home values across most price ranges. Nonetheless, some Calgary homes sold for more last year than they would have in 2014.
Between 2011-2014, the price of detached Calgary homes increased by 20% as WTI oil sold for an average price of $94 per barrel.
In the space of just over a year the price of oil has fallen by 70%, trading today at just over $30/bbl. These are price levels not seen in 12 years, 40% lower than the average 2015 price of $49/bbl .