Quote:
Originally Posted by Red
Calgary wasn't the only place that corrected in 09.
|
What people tend to forget is that Calgary had created it's own overbuilding bust. Prices actually crested and started to fall in 2007 a full year and a half before oil prices were $150/bbl and then crashed to $40/bbl. Locals blame the RE slump soley on the recession, when in fact our own irrational exuberance (Toronto/Vancouver style) had kick started the process that was made worse by the recession.