Oil-Hub Calgary’s 25% Home Sales Drop Is Most Since Lehman
This article is for subscribers only.
Canada’s oil capital suffered the biggest monthly drop in home sales since the start of the financial crisis as tumbling oil prices deter would-be buyers.
Sales of existing homes in Calgary, Alberta’s largest city, fell 24.6 percent in December from the previous month, the Canadian Real Estate Association said today from Ottawa. That’s the biggest decline since October 2008, the month after Lehman Brothers Holdings Inc.’s bankruptcy sparked the global credit crunch. It was the fourth-biggest monthly drop in CREA figures dating to 1988.