Quote:
Originally Posted by Jason14h
I believe the reason Alberta didn't follow suite as quickly as most of the country is we have experience real estate downturns/stagnation due to oil prices in the past, and are more risk averse when dealing with real estate then the rest of Canada since we have seen years without growth in the past.
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Not sure - Quebec should be even more risk-averse than Alberta as they had horrendous growth for decades, and the threat of separatism and its related nationalistic ideals is always there. But since around 2015 Montreal has been in a definite boom.
I think the 2015 crash in oil prices just came after a lot of building in Alberta, and a lot of mortgages and would-be investors were a bit under water. I know that I'm unlucky enough to be sitting on a mortgage in Calgary from 2014 where the downpayment value still hasn't recovered - and isn't close to doing so.
I think Alberta will be going into the same hyper market as elsewhere if the overall Canadian market stays the same. But obviously, that depends heavily on what happens with rates and whether cooling actually happens. If there isn't cooling in the overall market, I think Alberta will be in for a wild ride.
As an aside, I don't believe we will see any significant raises in rates or cooling of this Canadian market. Housing prices are Canada's golden goose, and for the people who matter to politicians (who vote and who have money), this is the one most important issue. I think we will see governments go to exceptional - and quite risky - lengths to keep this gravy-train flowing.