I live in a community in Alberta, Canada, whose economy is heavily reliant on oil and gas. (Luckily, I don't work in that sector!) I have been hearing rumours about dropping oil/gas prices seriously affecting real estate prices in Alberta in the near future. I bought my house when the market was on an upswing (yeah, I know -- not the best plan!), and I'd really like to know a couple of things:
-- Are oil and gas prices really going to drop that much, or are these rumours I've been hearing groundless?
-- Are real estate prices dropping in Northern Alberta that much due to the drop in oil and gas? Is it a dramatic drop?
If you can help me with my question, I'd really appreciate it. Please provide as much detail as you can. Thanks, everybody!How are dropping oil prices affecting real estate in Alberta, Canada?
Too early to have any effect.
The result I would expect is a decrease in the rate of price change, but not a price fall. (Unless it falls to, $20 or less).
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