Normally the Calgary real estate market recedes when times are tough in the energy sector but things are different this time. Despite oil prices falling to a two-year low the latest figures from the Calgary Real Estate Board show that things are still hot.
With the energy business having such an important effect on the region’s economy there is always a risk that a prolonged downturn in oil and gas prices will hit the housing market hard as has been seen in the past.
Another concern is the high level of debt of the average Calgary household; up $35,000 on last year and around 64 per cent above the national average.
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