Quote:
Originally Posted by Regorium
Sounds like you believe that Calgary is going to turn into a ####hole.
Why would you even consider buying a place in Calgary at any point?
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No I don't. I'm just arguing what could very well happen, and did happen 30 years ago. I think guaranteeing that somehow, Calgary is never going to experience a real estate downturn because "there are a lot of people in the world and we have social programs" is the stupidest thing I've ever read. (By the way, our social programs are crap compared to most western countries fyi. Go read up on the social programs of countries like Germany and France)
What do I think will happen? Oil prices will stay low for at least year before they might start to rebound. Oil and Gas companies will still be hesitant to start any major new projects for a bit so I'd say 2 or 3 years until we see hiring take off again. In that time, I'm going to guess prices drop 20-30%.
That's my current guess on the situation.