Thousands of Canadians depend on the oil boom in Alberta in order to provide for their families but now, the future of oil is becoming bare which makes many wonder how they would cope with it.
Due to the price drop of oil, many jobs are cut resulting to a rising number of Fort McMurray residents who are struggling to make ends meet. Many residents are even desperate to find jobs due to the economic slump of the area, CBC News reported.
According to The Wood Buffalo Food Bank, they have seen demand surge up to 72 per cent in 2015. In August and November of last year, they noticed that the usage was up over 125 per cent.
There were donations received by the area but in order to provide food for everyone, only a little portion is being given. Food prices are also rising while oil continues to go low which makes matters worse for the families living in Fort McMurray.
“Certainly, we see people who have been laid off,” Arianna Johnson of the municipality’s food bank said according to Global News. “But a lot of it is people who can’t afford the leave.”
She added that many residents have mortgages in order to pay but there isn't enough money left to pay for other expenses.
Back in 2014, the average single family home is sold for approximately $765,000. But today, the price is down to $50,000 while the number of sales is also very low by 40 per cent.
According to realtors, houses are still being sold because this is an opportunity for those who have money to purchase low priced homes. But the real estate in the area is no longer as lucrative as it is before.
Lisa Hartigan, a realtor revealed that there are more buyers in the market than sellers. Monthly rental is also down but rental vacancy is high. For a $3,000 rental fee of a condominium, it can now be paid for half of its price.
Apparently, for those living in the area, their home's worth is no longer how much they are being paid for because it is extremely lower.
