Quote:
Originally Posted by BlackArcher101
Frankly, I don't know how this mess will be fixed, or if it ever will be. Material and constructions costs are too high, so companies are having a hard time profiting and new housing projects are expensive. On top of that the average income isn't keeping up to costs, and now landlords are converting rental units into condo's, further diluting rental markets and increasing costs due to demand. No matter what happens, the next 5 years will be interesting for sure.
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There are many places that have much much higher real estate costs relative to income than Calgary, even in Canada (Vancouver is still ahead). And we're starting to see some of the things that have happened there to compensate happen here. 35 and 40 year mortgages (and eventually possibly longer) are one example.