Pine beetle could hurt Alberta real estate

A report says the destructive mountain pine beetle may take a bite out of the real estate market in parts of Alberta.

The Real Estate Investment Network says the beetle infestation could affect communities that depend on the struggling forest industry, some of which have already faced mill closures and job losses.

The main communities mentioned in the report include Hinton, Edson, Grande Cache, Rocky Mountain House and Drayton Valley.

The report says other communities such as Grande Prairie, Whitecourt, Athabasca, Slave Lake and High Prairie could also be affected, but to a lesser degree.

The report says communities in B.C. affected by the pine beetle have seen a downturn in the real estate market because of job losses and people leaving the area.

It says only communities that made drastic attempts to diversify their economies and attract new industries are weathering the storm.