calgary's real estate is being pushed by actual economics, unlke vancouver's real estate which was bouyed by the 'fact' that china was going to close off hong kong and make it like the rest of china.
in 1997 china left hong kong's economic system largely alone, and the money pouring into vancouver in fear of china's crackdown slowed to a crawl overnight.
that's why prices fell like a rock in 1997 / 1998, down to merely ridiculous. vancouver for the most part is still sandwiched between the ocean and the mountains, so it's still expensive.
calgary's boom is not based on a house of cards. it's based on what's going on in calgary, not what's NOT going on in hong kong.
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