^^^
Interesting chart. I would like to see some other macro charts for those time periods to see if it is a combination of changes that lead to the rise of housing.
ie: price of oil, migration of workers to calgary, TSX chart, etc.
If the price of oil going up causes the migration of workers to calgary, causing a rise of salaries, causing more money to spend and bidding up houses, which then leads to first time home buyers not be able to afford homes, which leads to loosening of credit policies to help those first time home buyers.... which then leads back to bidding up home prices because of easy access to credit.....
That is all speculation and I have nothing to back that up. Just throwing that out there to see what other thoughts there are.
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