Just wondering, does anyone have a number to which how many layoffs were in the Fort McMurray area between Syncrude and Suncor? I know the original number of 1500 ballooned to around 2000.
What is this going to do to the local economy? Is anyone selling their home?
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I was laid off and I’m selling, the goal now is to get a breakeven price, so place will go up for sale and I don’t think Suncor controlling most of the jobs in Fort McMurray is good for Fort McMurray. There might be some future growth projects for carbon capture, or for rehires from all these layoffs, but not until the current CEO steps down which could be 2-3 years and so things such as housing and business will contract further here in Fort Mac. There is no reason to be here in Fort McMurray without my job, I would rather live in or near Edmonton or Calgary. I can imagine some people will sell, some people will stay and find new jobs at either Suncor or Suncor, and some people who remain and rent might now buy. But this property is going up for sale.
Housing prices will definitely be affected. You can already see it with heavy inventory compared to summer (before the bulk of the lay offs) current a heavy buyers market is pretty much all price ranges.
Housing has been “cheap” here for some time. Can’t imagine this will impact prices too much more.
Is anyone that got laid off putting their home up for sale on the market? Or renting it out? Or using property management?