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The Masked Tulip

Over They Go - Cowtown

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Apparently the falling oil price is resulting in people wanting to sell their houses in Calgary.

2015 has started out being the weakest for Calgary house sales since the financial crisis of 2009. Luxury home sales have dropped by more than half. The price of oil’s now plunged under $50 and – admits local agent-blogger and permabull Mike Fotiou – “House prices are next.”

In fact, they’re already fading.

This is the toll the crude prices are taking today:

  • Total sales are down for January 34.3%, massively widening a drop of 7.5% in December.
  • New listings have swollen by 21.64%.
  • The number of total active listings has erupted 50.27%. Gulp.
  • The average price is running 5.8% below this time last year.

http://www.greaterfool.ca/2015/01/12/over-they-go/

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I was reading something about Alberta overnight and it was interesting comparing the Canadian state to Scotland.

In recent years, as the shale oil industry has boomed, Alberta has flourished with even talk of Alberta funding the rest of Canada and talk of Alberta becoming independent. Albertan nationalist has surged. Ring any bells.

Now, houses are being rushed to market and job losses are underway. Alberta is soon going to be needing the rest of Canada to help pay its bills.

All because of the price of oil.

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