Quote:
Originally Posted by Monahammer
But the data already shows that the housing markets of Vancouver, Toronto, and Calgary aren't actually linked. So major "bubble poppings" in those jurisdictions probably won't have an overall large effect on this market. Central bank just opted to keep a low interest rate though, so I think (as i have previously predicted here) we are taking the inflationary route to try and drive down some of this debt. Punishes all the savers out there, but our government was not a saver. Without an increase to interest rates, I am not sure what mechanism will cool down any housing market in Canada.
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Calgary also had somewhat of a slow pop, post the last oil boom. There was a point where everything in Calgary was ridiculously priced. People working in fast food restaurants were getting paid several times the national average. Then the boom ended and some things dropped in price dramatically, while others just kind of lingered or dropped slowly.