Alberta is still crawling its way back to economic health after a steep downturn, and as a result, property prices are cheap compared to other regions. And unlike in Toronto and Vancouver, where foreign investment is viewed by some as a malevolent force driving up home prices, the market in the province is still shaky and a few more offshore buyers could be beneficial. “They’d actually be welcomed here in Alberta,” says Todd Hirsch, chief economist at ATB Financial. An oil price crash and an unemployment rate that spiked to nine per cent last year did not cause the residential real estate market to crater, as some feared. Sales in Calgary and Edmonton dropped, and prices are generally soft. Year-over-year, the Teranet-National Bank House Price Index shows Calgary is up one per cent, while Edmonton has fallen 2.8 per cent. The market has been held aloft in part by hefty severance packages granted to laid off oilsands workers, allowing them to keep paying their mortgages. Still, the market isn’t entirely in the clear: severance packages run out, and oil and gas firms are not expected to hire in waves any time soon. “A lot of those displaced oil workers, especially the professionals that were working in the shiny Calgary office towers—those jobs are not coming back,” Hirsch says.
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