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Old 05-13-2007, 08:55 PM   #31
photon
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Join Date: Oct 2001
Location: Calgary
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Quote:
Originally Posted by crunch View Post
Alberta definitely doesn't have the largest oil reserves on the planet. That's why I brought up the extremely overlooked Russia.
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Land was undervalued? We live in the 2nd largest country in the world. With just 40 millionish people. Land is overvalued based on present economy.
But Alberta has over 50% of the world's reserves in economically and politically stable countries. Sure Venezuela has lots of reserves, but Chávez recently made all the oil and gas state run, who wants to deal with him?

Not saying Alberta is the only place, but it is still a very attractive place for oil and gas development.

Sure land is overvalued if you divide area by population.. but that's not how value is determined. Alberta is still inexpensive compared to other areas in the world.

Banks offer products that meet customer's needs. Other places have much "worse" products for home ownership than a 30 year mortgage.

But I agree with you in that people should not be buying right up to their limits.. best case scenario is they are stuck with a property that has a mortgage more than its worth and then they're immobilized until values catch up again. Worst case is they're wiped out. No one should buy something right at the edge of their ability.
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