Quote:
Originally Posted by nik-
Have you looked at the condo market in the last year? Condos are fire sale at this point and for the foreseeable future.
edit: oh, in BC. Disregard, pre-coffee.
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Using Calgary as an example for the real estate market is really misleading. Calgary has very high unemployment rates and went through a condo building boom during the last oil boom. So yes, there are a lot of cheap condos in Calgary, and there will be until the job market picks up. Yes, people from across Canada could move to Calgary, but would they be able to find a job?
Even with the suppressed labour market, the cost of housing is absurd in Calgary. Compare the cost of housing in Calgary to the cost of housing in historically economically depressed cities in the past.
Basically, everything related to the cost of living is just much more expensive than it used it be.