Ya the last study I saw did say Calgary was around 4 times earnings however we were about average in terms of affordability in Canada.
Ya, some people would definitely be in trouble if mortgage rates did go up to 8 percent or higher but I don't think that would cause a crash in Calgary. It's not like people were given subprime mortgages or anything of that nature. As long as incomes increase with at least the rate of inflation then when renewal time comes around people should be able to afford their new payments.
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