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April 28, 2015

Oil prices will have a direct impact on housing warns industry group

The number of residential real estate construction jobs in Alberta will drop over the next 18 months and the impact on housing will be felt.

A new report by BuildForce Canada and the Canadian Home Builders Association says that the weakened oil industry will mean lower investment in homes, including renovations. It says that even when recovery comes it will not be fast enough to cover losses.

Oil prices are not the only issue though; labour migration means that many skilled home builders have left the province while many more have retired. 
 

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