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Originally Posted by photon
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.
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The Chinese economy is a whole other can of worms... frankly, I am suspicious of government-engineered capitalism.
I totally agree that Calgary has the fundamentals to justify a strong Real Estate market... I'm just not sure that explains the whole 40% year over year gain; and then there is also the whole coincidence that this comes on the heals of a "bubble market" in real estate worldwide. Having said that, I personally don't expect prices to come down any time soon. Vancouver, on the other hand, I'm not so sure about... (some weird stuff going on there, e.g. the whole "W" building going up on skid row, etc...)