I think it's interesting how much people have attributed home prices in Calgary to the local economy, ie: the price of oil, nat gas, etc.
While it has some impact, I think it's becoming increasingly clear that home prices all across this great nation of ours bubbled up from 2005-2007 because of credit expansion. Of course, people in Vancouver will tell you it's because of the Olympics. Everyone has their own localized rationale.
We don't have Freddie or Fannie to blame, but rather a government backed insurance program (CMHC) that allowed banks to loan money without bearing risk.
And people should look in the mirror as well, taking on greater and greater amounts of debt fueled only by expectations of never ending price increases rather than fundamentals.
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