Oil Prices and Real Estate

What effect is the world oil prices having on real estate values in Alberta?
The CMHC (Canadian Mortgage and Housing Corporation – the go-to indicator of Canadian house prices) suggested Edmonton’s 2014 market value prices averaged $360,000 per home.
They predict house prices will still rise, modestly, to an average $371,000 in 2015 to $380,000 in 2016. ATB Financial’s predicts a 2% overall growth for Alberta’s economy in 2015, with oil prices (based on the benchmark WTI (Western Texas Intermediate) price per barrel, in American dollars) likely to recover to the $55 to $70 range. Could they be wrong? Of course they COULD. Nobody can predict the future or know for sure what tomorrow will bring. Should we panic? No, I don't think so. If anyone has any concerns over their property value, feel free to call me at: 780-266-1964. Or visit my website at: http://www.century21.ca/aaron.hlushak

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