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That relatively high employment rate explains why the housing market, at least for mid-priced homes, remains stable. While the average home price dropped nearly 12 per cent between 2014 and 2015 and has yet to recover, that was influenced by price drops in the most expensive homes. 'What I've seen is the mid-range, the $375,000 to $500,000 proprieties, have been selling and keeping our market afloat," said Len Wong, a Calgary Realtor with Re/Max. Wong said that people buying those homes don't tend to work in the oilpatch and were more likely to have hung onto their jobs. Calgary real estate industry hopes housing start uptick the beginning of a trend Restaurant sales were also stable, confirming anecdotal evidence that it didn't get much easier to find a table at Calgary's hotspots during the recession. In June 2014, restaurant sales in the province (they aren't broken down by city) totalled nearly $733 million. In June 2016, they topped $747 million, and in March 2017, $744 million. Resale home prices dropped nearly 12 per cent between 2014 and 2014. They have yet to fully recover.
For the original version including any supplementary images or video, visit http://www.cbc.ca/news/canada/calgary/calgary-three-years-after-oil-prices-started-to-drop-1.4169917
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