Quote:
Originally Posted by Red
How are we different Slava?
What major changes happened in Toronto and Vancouver that did not happen in Calgary in the last 6 months? Why them, but not us here? Why did we crash in the past? Same rules, no?
Did they lose jobs there? Did immigration stop? We are a small town compared to Tor and Van, they should be able to weather the storm better that us here. Yet, here we are.
There are plenty of similarities between the three though:
cheap credit?- check
loose lending standards? - check
RE experiencing unreal growth in the last few years? - check
speculation and greed driving the market? - check
I don't think we are that different here. The very small inventory that we have had here lately is the only saving grace, but once things move again all bets are off.
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Well I think that you've answered your own question here about how we are different at this point. Another major point to consider is that unemployment here is lower than it is elsewhere in the country, which in turn means that people are coming to Calgary and Alberta in general to find employment.
I do have to laugh at a couple of the points that you brought up as being similar though. Has Calgary been experiencing "unreal growth in the last few years"? I wouldn't say that. Are "speculation and greed driving the market" here? I wouldn't say that either. In Calgary what we have seen is a fairly natural correction after the boom until 2008. From the low point we have seen a gradual inflation of the housing prices. Speculators are potentially involved, but its hardly what we've seen in Toronto in the condo market in particular or in Vancouver.