Quote:
Originally Posted by stampsx2
People are saying there's a housing bubble, it's going to burst anytime. As far as I've seen, North America has underpriced houses compared to incomes. I think we're only catching up to the rest of the world.
In Europe, house prices are higher than ours and incomes are generally lower and unemployment is higher. Most people in Europe can only dream of having their own condo. Food, clothing, gas, utilities, electronics are all more expensive than they are here compared to incomes.
In Newfoundland and Nova Scotia you could get a reasonable house for 150,000. That's almost impossible in Europe. Asia I'm guessing is probably similar.
I'd love to see a house vs income comparison worldwide. I don't think we'd be too far up the list here in Calgary. People complain too much.
Don't people come here from overseas for the opportunity?
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Calgary, at most, would only be looking at a slight correction. Calgary has a strong economy and a shortage of single family homes due to the insane amount of people moving there every year. Other parts of the country don't have the same market fundamentals and would see a much bigger drop.