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Calgary on tenterhooks as oil prices slide lower

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Real Estate Professional | 10 Dec 2014, 09:39 AM Agree 0
The housing market in Calgary hasn’t yet been impacted by plummeting oil prices, though one broker says the city is not immune to the impact of the black stuff.
  • Scott Simmons | 10 Dec 2014, 01:49 PM Agree 0
    I had the pleasure of living in Calgary for 12 years and living the roller coaster of oil and gas price fluctuations. My observation was the oil and gas companies tend to react fast and swift. It was not unusual to see big layoffs at the big companies sweep the city. The big problem this time out is the massive provincial spending and accumulated debt. It looks like the premier of the day does not have the gusto of Ralph. My guess is there will be no massive deep cuts to the provincial spending instead there will be tax increases. At a time of a down turn in the oil market, any tax increases could evaporate the Alberta advantage, if there is actually such a thing anymore. How many Albertan's will say it's time to move on? BC with our various property tax rates schemes (homeowners grant, seniors grant, tax deferment program, farm status) and low property prices (Vancouver Island and smaller Gulf islands) might be looking good. On one day about a week ago I had 37 different people (different ips address) from Edmonton on my web reading so many different pages. I checked and it was -20 in Edmonton. The key is not to be the last one out the door. You want to hit this trend at the leading edge not the tail end. Tail end charlie is going to have a hard time selling and a hard time buying in a market that is really just stating to heat up. Cheers on Sunny Salt Spring Scott Simmons.
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