Quote:
Originally Posted by photon
If you look at housing prices as a multiple of annual income, Calgary is well below the national average in Australia and New Zealand, below the UK, and there are many cities in the US that have far worse affordability.
http://www.normfisher.ca/pdfreports/dihas2008.pdf
All I'm saying is that big picture it's not like things are so far out of wack that it's going to crash to a halt, at least not on the basis of the cost of housing itself (as shown that there are places that are far less affordable).
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Except that housing bubbles exist in all 4 of those nations, with relatively hard landings underway in the UK and the USA with softer landings in Australia and New Zealand. Not sure how all 4 of those countries have bubbles while our price growth is all about fundamentals?
And comparing affordablity in London, SanFran, NYC or Sydney to Calgary is pretty laughable.
Compare us to far more comparable cities (although usually many times larger) like Denver, Dallas, Charlotte, Houstan, etc and you quickly see how over priced our homes are.
Claeren.