NO RELIEF IN SIGHT
"Calgary resale home prices fell for the fifth straight month in February, as sales of detached homes and condos plunged to the lowest level in more than a decade.
Home resales tumbled nearly 7 per cent last month from a year earlier and were 37 per cent below the region’s long-term average, the Calgary Real Estate Board reported. Benchmark prices, which track the price of a “typical” home in the city, dropped 3.45 per cent in the region to $445,000."
The Globe and Mail
Calgary Home Market Struggles With Oil Bust
Capital of Canada’s energy sector suffers more than other big oil cities like Houston
In Calgary, March home sales volume tumbled 11% from the same period last year. The housing market in Calgary, capital of Canada’s struggling energy sector, has been hit so hard it makes the challenges faced by U.S. oil towns look relatively mild. March home sales volume tumbled 11% from the same period last year, according to the Calgary Real Estate Board. Some 2,000 miles to the south in the headquarters of the U.S. oil industry, Houston, home sales were up 2% in February—the most recent data available—compared with the same month last year, according to the Houston Association of Realtors.
In Calgary the slowdown also has been felt by a wider range of homeowners. In Houston most of the pain so far is being felt among sellers of high-end homes priced at $500,000 and above—a sector that saw a 12% decrease in sales volume in the year ended in […]
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