Fort Murray sales down 40 per cent

Oil-dependent Fort McMurray saw home sales drop by a staggering 39.8 per cent in September compared to the same month in 2014, with just 80 transactions.

The latest figures from the Canadian Real Estate Association also show a drop in the average sale price of 12.6 per cent to $536,471.

The Calgary Herald reports that new home construction and rentals have also been affected by the slump in oil prices.

Across the province, there was a 23.7 per cent decline in sales with the average price down 4.5 per cent to $381,758. 

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