Quote:
Originally Posted by Cowboy89
You don't think the price declines seen in Calgary since 2007 are serious? It's not Phoenix style or California style but a lot of CMHC insured buyers who bought back then are underwater right now without any further price declines from here. I don't really view the tone in this thread as apocalyptic but rather initially as an attempt to provide rational thought into what was at the time an irrational market. The lack of real estate price appreciation since the thread inception is actually evidence that a lot of people were correct.
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That seems like a bit of a stretch to me. All I heard from naysayers in 2008-2009 (and even into 2010) was that "we are 1 1/2 years behind the US" and basically the writing is on the wall. Maybe we were/are, but the regulations changed, consumer habits changed (albeit slightly) and we never saw what happened in the US happen here.
The lack of appreciation isn't comparable to what took place down there, clearly, and in truth many people in the US would dream of this soft landing we had in Canada. I know that you are in general agreement with me here, and you note that. I wish I took a picture of the sign I saw in Phoenix this past weekend that was advertising "houses in the $30's". No digit missing, thats thirty thousand bucks! You might find a deal like that in Pontex Saskatchewan, but that kind of cash doesn't get you a enough land to put a shed on it in most Canadian cities.