The Calgary economy is less reliant on the oil industry than public perception suggests. So says Ben Myers, VP of Fortress Real Developments and author of the Market Manuscript. Myers’ report analyses data from various independent sources and reveals some key findings for the Calgary housing market.
He expects a soft landing for housing prices in the city, noting that just a third of the economy relies on the petroleum industry, down from 55 per cent in the 1990’s. He also believes there could be a rapid rise in oil prices down the line. The condo market, the report says, is also set to increase due to affordability. Myers says that consumer confidence will rebound and drive the market forward following a slowdown in volumes this year.
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