Quote:
Originally Posted by burn_this_city
Calgary should be less susceptible to a crash because our median income should be capable of supporting our median home price. We aren't at the crazy 10x multipliers like Vancouver.
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Whatever policies are put in place to either cool the markets or respond after they've popped will invariably be aimed primarily at the vancouver and toronto markets. What's good for them is likely not going to be good for Calgary, Ottawa, Montreal etc. I think of it like secondary impact. if Oil prices stay low and Alberta sees consistently stagnant or declining homestart numbers, there will be a knock-on impact of oversupply if home prices are corrected. That's a bit of a worse case scenario but it's what happened in the US with their sub-prime mess.
The BC interior has also seen fluctuating home prices as well being stuck in between Vancouver's outrageous market and Calgary's recent economic hardship. I think overall that's been good for Albertan's who owned secondary or recreation property in BC, but it's made it more difficult for those in Alberta who want to move from say Calgary to Cranbrook to lower cost of living expense. In turn, that has made it harder to buy and sell a house in Calgary which is hurting the overall economy there as a result.