Quote:
Originally Posted by Realtor 1
The logic behind the possible answers relates to a recent post of mine where I found most people I spoke to in the O&G industry seemed less concerned than those who were not involved.
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sounds like you have a lot of, "let them eat cake" type of friends. You're probably upper middle class very well off with very well off friends. That's not a good representation of the "average" person. Those with secure jobs, friends of the owners etc are in a very good position to whether the storm. Go talk to people in O&G that have already lost their jobs and ask them how they feel and how concerned they are. When times get tough and in a 200 person company 100 people get laid off, the remaining 100 people are just fine. If anything they're better off because they have jobs and can take advantage of lower prices due to the slower economy. But those 100 that got laid off will create a huge downward pressure on the economy and real estate market. So asking people in the %1 how they feel about their satiation is probably not a good indicator of the overall trend out there. If I was rich I'd welcome a downturn so I could take advantage of it. Too bad that doesn't help the rest of those that are going to have trouble making ends meet.
Also remember, a huge driver of the market in the past few years has been investors. So even if people aren't rushed to dump their homes, they might rush to dump their extra properties and at the same time investment demand will drop off a cliff. There is also a case to be made as to what will get hit the hardest. I agree that some will get hit less than others. Commercial office space is going to be brutal once all this new space comes on tap from query park, brookfield, telus, the bow, etc. There's going to be tons of extra office space all across this city in the next few years.