Buying Houses In Calgary & Edmonton Is Going To Get So Cheap Because Alberta's So Broke
Alberta's loss can be your gain.
Moody Analytics, a risk management and economy modelling firm, published a report on Thursday, September 24, that said that Alberta house prices are going to drop harder than any other province in 2021.
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The impact on the Calgary and Edmonton housing markets will last longer than for the rest of the nation.
Abhilasha Singh
The company predicted that house prices across Canada are expected to fall from their current levels.
But the speed at which these prices will decline will be different in each province. It added that the Prairie provinces will have the biggest "peak-to-trough decline."
The reason why this might happen is, if you haven't already guessed, oil.
Drastically low oil prices and high unemployment have basically caused massive "economic hardship" for the people in Alberta and Saskatchewan.
As a result, demand has been low, leading to an "excess supply" of single-family homes in Calgary and Edmonton.
They expect prices to rise back up by the tail end of 2021 when a COVID-19 vaccine starts looking possible and the economy is in better shape.