Feb. 19, 2015 | CREBNow
Longevity key to housing market during oil price recovery: CREB
It's still too early to tell how Calgary's resale housing market will respond to recent gains in the price of oil, said CREB® chief economist Ann-Marie Lurie.
"We have to see how long – if [oil prices] continue to move up, how much it moves up, when it stops ... That's what we're looking for. So it is still too early," she said.
After significant declines starting in October, oil prices started to see some improvements recently before another slight drop this week. West Texas Intermediate, a U.S. grade of oil used a benchmark for North American oil prices was just over $53 US a barrel this week after dropping to near $40 earlier this year and is off 43.32 per cent compared to the same time last year.