Price of crude drives down housing resale prices

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Calgary’s resale housing market sales were down in January, year over year, for the second consecutive month.The 40 per cent dip is so significant that many people are now rushing to sell their homes.According to BMO Capital Markets Senior Economist Sal Guatieri, listings are up 37 per cent.Guatieri says Calgary’s market had been holding up fairly well, even with the challenges, until December.He believes the correction can all be attributed to the price of oil.“So we will see a lot of layoffs in the energy sector this year, and spillover effects to other industries that will, at the very minimum, discourage a lot of people from moving to Alberta,” Guatieri said.Guatieri believes house prices could fall by as much as 10 per cent, erasing any of 2014’s gains. by News Staff Posted Feb 2, 2015 10:59 am MDT Price of crude drives down housing resale prices read more

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