I'm no expert but the two numbers I'm curious to follow are foreclosures and migration, specifically in Calgary. Unless rental demand drops, people will still need places to live. That will in turn keep them rented out (for those who bought them strictly as investments but couldn't make them at least cash flow neutral in this market, they probably shouldn't be in the game in the first place). However, if people start moving out and rental demand drops, that could be when you see inventories going much higher than normal. People who are in good financial health can ride things out but those who can't could be in for a rough landing.
This is assuming that interest rates remain stable (which I think is a reasonable assumption).
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