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Originally Posted by MacDougalbry
I agree... unless, of course, you have taken out a HELOC's (Home Equity Line of Credity), which have become an extremely popular way for people to tap into their new found "wealth". A lot of people are living high off of these paper gains.
Yes, but oil has been up there for a while now. What happened starting last August to drive housing prices up by 43% year over year? Also , a collapse of the housing market in the states is sure to bring on a fairly painful recession down there; which will definitely impact the price of oil in some way.
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I haven't met anyone who's done that (purchased liabilities with money borrowed against their house's equity), but I'm sure they're out there. And that's their problem, it just means cheaper homes for me to buy when they get forclosed
There's always stupid people.
The price of oil isn't just the US, China's a huge factor there as well.. and even then Alberta's economy isn't just oil. The huge jump in the last few months is due more to constrained supply, and the size of the jump is enabled by high affordability compared to the rest of Canada, high wages, and people moving here.