There’s a lot of media reports today about the impact of falling oil prices on the Canadian housing market, which has led to a dramatic fall in sales, particularly near the oil patch in Alberta.
According to the Canadian Real Estate Association (CREA), Canadian home sales fell by 3.1% in January – the third consecutive monthly decline – and by 2% over the year, reflecting weakened activity in the oil sands strongholds of Calgary and Edmonton. Sales were down from the previous month in about 60% of all local housing markets. And if Calgary and Edmonton are removed from the national totals, then combined sales activity is 1.9% above year-ago levels, according to CREA (see below charts).
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