Quote:
Originally Posted by OldDutch
While I think a correction is due, I think Calgary's market needs to be separated from the rest of Canada. Comparing the maket in Ontario, where the economy relies on much different drivers, to Calgary is difficult. So I agree some markets will get corrected, just some more than others.
Although I have been waiting for the bubble to burst in Calgary, it really hasn't yet. I am starting to come around to the model that traditionally shows Calgary with brief spikes, followed by years of flat growth in prices. I think we are seeing that now, with a strong local economy but flat price and sales growth. Probably won't change for a long while, unless Natural Gas picks up again.
Anyways, I think many markets in Canada are set for major corrections, but Calgary will be ok. Just don't expect everyone to get rich off real estate here like in 2004. You will have to actually do your homework to find those great deals for short term profit.
Anyways, I don't have the background or stats to back up my opinion, total observation on my part. However, I really do enjoy coming here and reading what more experienced people have to say on this, it's been really informative, thanks.
|
Calgary has already corrected 15% or more since the peak. The low interest rates that the government put in place as an emergency measure have kept the market from tanking more. But will it continue?
The latest 2.99% locked mortgages did not fuel many sales.
Are banks/government running out of rabbits in their hats?
People in Ontario say "it's different here". Vancouverites too. If it blows, Calgary won't be spared. Neither will all other major cities.