Calgary’s economy and the oil industry is the big story making headlines lately, as oil prices drop, many people are worried about the effect it will have on real estate.
Today the Conference Board of Canada claimed that Alberta will be facing a recession this year, that will be felt for a few years following as well. Before you panic at that, Premier Jim Prentice addressed these claims today in a press conference.
Alberta Premier Jim Prentice says he disagrees with the Conference Board of Canada’s analysis. During a news conference in Edmonton Tuesday Prentice said while the province faces difficult times and possible deficits, he doesn’t believe Alberta is headed for a recession.
What are the positives we can take from this all? For starters, we’re all saving money at the pump. Saving money in one area allows us more money for other areas.
Secondly, real estate prices are going down, which means affordability is more visible for first-time buyers. Not to mention, it’s an excellent time to be a buyer.
If you have questions about selling or buying in this marketplace, please feel free to contact us or find us on Twitter.
