Quote:
Originally Posted by Tron_fdc
I'm starting to think that the huge "blips" in the market in Calgary are due to a few different factors, but have a lot to do with the average income in this city. People so far have been able to either rent out their spec home, or can afford to hang onto it until the market "corrects" itself.
This would kinda make sense, as we can see that according to those graphs there are wild spikes in inventory, which IMO are people trying to dump rentals/spec homes to get out of the market, but have been waiting for the right time to do it.
I would think that if our economy completely collapsed like Vegas or Atlanta did over the last few years (approx 15% unemployment), we would have been SCREWED. People would be foreclosing and dumping inventory like crazy, and the housing market would have collapsed.
Thank god for oil I guess!
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Agreed, with you and Claeren.
I think there is enough money in Calgary that prices will be much more sticky on the downside. I don't think anyone is going to make out swell in the market any time soon. But I think there is enough money, long term employment opportunities that things could be okay. How high interest rates go is the one "WTF" that could really do some damage. That said, I think people will get by. I think people that do get into trouble and have to sell will find a buyer (interest rate spike ignored) at a price above a STEEP discount and that will keep things rosey.