With the current numbers and the current units under construction, especially multi-family, Calgary could have a multi-year supply of empty condos on the market within 12 months with a similar picture for single family homes (where construction can be slowed more easily than multi-family).
Crazy.
I have heard Edmonton is in even worse shape though, with thousands of conversion projects expected to hit the market.
There is ALWAYS a cycle in real estate. ALWAYS.
Good run-down of the numbers here:
http://crebb.wordpress.com/
Although if you inputed these updated Herald numbers his stats for this year trend even worse then they show now on his site.
Claeren.