Quote:
Originally Posted by Red
But real estate didn't go bizerk only in Alberta, and I mean bizerk, not your regular growth like we've seen in the past.
I think construction labour shortage had a lot to do with it too. The builders kept asking more and more money to slow down the demand which they couldn't keep up and the pre-owned homes followed. Now it seems that most of the construction backlog is catching up, how long before we see tons of new homes looking for buyers? And then the price reductions etc.....
Just speculations on my part.
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Very true, I think a large part of the homes coming on the market are people who finally are getting into their new place and are selling the old one.
And I think part of the contribution to the insane runup (as you say, far beyond normal) was that prices here were so undervalued, affordability here was crazy high, and part of the runup was just catching up to other markets.
Look at the housing starts though, it's at near record levels but it seems to about match the number of people moving into Calgary, at least it doesn't far outstrip it.