The Canmore Real Estate Market – Past, Present and Future
The decline of the price of crude oil which started internationally in August 2014 had a huge influence on the economy of Alberta and Calgary. While the price was previously at around $100US / barrel crude oil, the price dropped to its lowest at around $30 in February 2016 and has since started to recover to around $54 US in Dec. 2016.
Alberta’s economy which depends heavily on the oil industry has been hit with unemployment which lead to a negative net migration. People previously employed in the oil industry left Alberta and went back to their home provinces. The spending budget of many of those who stayed decreased sharply.
This development was also reflected in the Real Estate Market. With a lot of properties coming on the market but less people to look for properties, the Sales Volume in Calgary declined in Nov. 2016 by 3% year over year and was down by 17% when compared to long-term averages. Sales Prices decreased...