Quote:
Originally Posted by OracleOfCalgary
Whatever happened to Calgary that former city of well run businesses, a strong work ethic, good service, great community spirit, personal modesty and thriftiness and good government. Among those I've talked to, seems I'm the only one who sees this boom ending and this city being in a major world of pain 5 years down the road. People say this boom is based on oil, but I say it's 80% real estate (flipping and construction) and easy credit... pull either of those two cards out and the whole thing will fall down.
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Real estate here is based on the oil industry.
But you are right about one thing, if the oil boom dries up, and people lose jobs, there will be a lot of real estate on the market and then all those who got easy credit will be feeling the pain.