Oil and Gas Real Estate Market Update
After the collapse of oil and gas prices over the past year, the economic impact on locations supporting the industry has been substantial. Globally over 350,000 jobs have been lost in the sector. The uncertainty in the oil and gas sector is high, with some analysts suggesting that the recent price increases are being driven by speculative activity and can’t last.
To no one’s surprise, residential real estate markets in locations supporting the oil patch have taken a beating in the past six months, resulting in declines in sales activity and an overall reduction in home market values.
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