Wild Fires Change Calgary House
Prices
As the smoke lifts we learn that
much of Fort McMurray remains standing. Although the impact of the raging fires
could have been worse things are still shaky in the oil industry. Oil
production has been affected by a temporary hit of one million barrels a day.
At least 12 operations have been closed. People need jobs and they may look to
Calgary.
Tragedy of Fort McMurray Will Affect
Calgary Housing Market
Things aren't as bad as they could've been but over 88,000 people have
been displaced. For the people of Fort McMurray, there will be long-term
disruption of business operations, lost wages and lost incomes. Where will the
evacuees go? This type of environmental misfortune, like the Calgary floods of
2013 is hard to take but like their fellow Albertans, the people of Fort
McMurray will no doubt show resilience and recover. However, if they don't get
their jobs back soon many will think about moving south. After months of lagging
house prices in Calgary we could see them jump.
Economic Landscape Different Now
The wildfire is merely the latest wound to be inflicted on the oil sands
economy. Since the drop in oil prices there has also been a shift in thinking
about the future of oil in general. As residents of Fort McMurray keep hope that
soon, things will return to normal, other influences may make that impossible. Some
will still continue to work there but undoubtedly many of them will want homes
in Calgary and this could drive up prices.
New Influences in Industry
Concerns are mounting. Continued depressed global outlook for oil prices
and obstacles facing the industry, like the debate over more pipeline
construction, may mean less work. The people of Fort McMurray may not be able
to or may not even want to go back to the old jobs. As doubts remain high,
families may choose a more stable job market and Calgary is not far away.
Do you think it is time to buy in Calgary? Should you wait to sell?
Give Chris a call to get more
details on the housing market. Tel # 403-680-4479E-mail: chris@yourhomeinalberta.com
