Housing prices remain relatively stable despite significant job losses. New housing permits have fallen but not precipitously which is surprising given the ongoing job losses.
Below is a chart that shows the number of building permits issued for Alberta dwellings since 1970. This monthly chart shows seasonal volatility. The plunge in permits from the late 1980s to the early 2000s is evident as well as the booms in the early 1970s and the early 2000s.
Source: Statistics Canada- Table 026-0001 Building permits, residential values and number of units, by type of dwelling, monthly(1) Only municipalities that issue permits.