Weekly Market Update, Jan. 1/21

And down goes the prices.... I'm 35, and I personally know a few dozen millenials who have recently packed up and left Edmonton to move back to their home province. I think the lack of entertainment/distractions and inability to visit family in other provinces during Covid has made people realize how unhappy they are here, and how their higher paying employment that they moved here for years ago isn't worth it. This, combined with a very socially conservative premier, is leading so many young people to flee back out east.

Justin Trudeau has completely destroyed the Alberta economy.
And at the same time things are booming in Quebec. House prices are rising quickly.
But I'm sure Alberta will continue to send $13 billion to Quebec every year.

GM: Agreed. In 10 years, Edmonton and Calgary will likely have similar salaries and house prices to Regina and Saskatoon, respectively.

Tony, Check out 101 10549 87 Avenue NW

Sold in 2016 for 370k, 2007 for 310K, 2002 for 179K, & 95K in ‘89.

It’s presently off the market but I think it was last listed at 307K

Are you confusing 2016 with 2014? 2014 was the last time oil was $100/barrel

The problem with Alberta economy is it's always based on oil and gas. They know they have to diversified, but with $100 a barrel, everyone was busy back in 2016 (mind you, Alberta has multiple opportunities long before that) . As we all know, world is moving to renewable energy and target at 2030 for EV. I brought Tesla 3 in 2018 when Ontario provided $14000 rebate, and I never look back at ICE.

House Price was at its highest in 2016 when I sold and left Alberta. Now with COVID and another recession on horizon, IMHO, government should spend more money in infrastructures since labor and material costs less now and interest rate is at its lowest. That's the only way to bring Alberta back to its glory.

Karlhungus I think you are talking about the last peak in oil and Jason is talking about the last peak in Edmonton real estate which managed to keep going up for a couple years after Oil and GDP peaked in 2014.

If you keep blaming Feds/others (like our premier keeps doing) it means you are unable to see where the real problem is. The real problem is the shortsightedness of Alberta's governments for decades and all of Albertan who elected them; they put all our eggs into Oil/gas basket and wasted the fortune in the forms of $400 checks (and they remember it as good old Klein days!). They didn't see the world is moving (and moving fast) to other resources/technologies. Our dumb-ass premier still doesn't see the demand for oil/gas is dropping like a rock. Oil companies are smarter and are already re-tooling their businesses for a new world. As long as we have this regressive governments and mentality of looking backwards (instead of forwards) we are not going to get out of this.

Common guy,

Oil demand is higher than ever worldwide, and will continue to increase for at least another 20 years.