Quote:
Originally Posted by Johnny 99
Housing prices are going nowhere but down. Good luck. Calgary simply isn't a major city like Vancouver or Toronto that can support itself on the basis of it's own population. I simply can't understand why people were so gung ho to buy houses at hugely inflated prices the way they have the past couple of years. Did they really think prices were going to stay that high?
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This has to be nominated for moronic post of the year.
Calgarians makes an average of $12000 a year more than citizens of Vancouver and Toronto. Yes their economies are more diversified but as long as ft mac is booming Calgary will do well. Guess what? For Ft mac to recess means oil has to return to $30/bbl. Most economists believe we will never see oil below $50/bbl ever again.
But you go ahead and make ridiculous statements saying that city of over 1000000 people isn't a major city and can't compete or support itself. Maybe you should put the video games away and go back to school.
Most people believe that the housing correction in Alberta already happened two years ago when the market increased 55%. If people in Calgary make more money than those in Vancouver and Toronto wouldn't it make more sense for the price of housing to be at least at par? Just a thought.