Living in Southern California I've heard about this same type of exodus for years. Yes, it is difficult for first time buyers to move here and buy real estate. But there are still thousands and thousands of people relocating here. If Calgary is a desireable place to live, people will come there, people will stay there and the ones who leave will wish they didn't. At least that's how it is down here.
The problem with leaving a city with high real estate prices is that you can't easily return to that city and purchase a home. Even if you can sell your house and buy one outright in another city/state/province, how do you get back if you want to? How do you find a half million dollars to put down? I have friends who have relocated to South Carolina, Florida, Texas, Tennesse, Oregon, Boston and every one of them wishes they could get back. Cheaper housing isn't always as great as it appears. Your lifestyle has to be considered. Home ownership, in my opinion, is not going to make up for being far away from friends and family, your hockey team, the places you like to hang out, your kids schools, and the familiarity of your city.
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