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So you think Calgary’s housing market has seen a major downturn this year?

Just take a look at what’s happening in the heart of Alberta’s oilsands industry as crude’s price collapse continues.

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Thinking of buying a home in West Vancouver? Your income better be at least $320,932. To buy a house in Trois-Rivières though, your salary would need to be just $39,379.





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MLS sales of single-family homes in Fort McMurray and its surrounding area have plunged this year. In February, sales were down by a whopping 66% from a year ago, at just 48 units. That followed an annual decline of 53.19% in January.

Don Campbell, senior analyst with the Real Estate Investment Network, said smaller centres located in resource-based regions, such as Fort McMurray and Grande Prairie always have higher highs and lower lows than the more diverse and larger cities.

“The housing markets themselves are smaller and therefore statistically a small increase or reduction in sales figures have a much more pronounced affect on housing market numbers,” said Campbell. “When a city or region’s economy is based on one major industry, when that industry slows, the consumer confidence in the whole city begins to fade thus increasing the overall market fear. The reverse is also true, when that industry is in full throttle, the positive impact is just as strong.