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Old 03-04-2015, 08:06 PM   #40
Red
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Quote:
Originally Posted by heep223 View Post
I don't know much about the real estate market but I do know about the energy market, and you are significantly underestimating the pain that's going to come. We have not seen the worst of it yet, by any means. It seems that you're significantly underestimating how bad 2015 is going to be in the energy patch. But again, not sure how closely correlated the real estate market is....but my assumption is highly correlated.
Thanks for saying that. I thought I was alone here.

There is a lot of belief that this "oil thing" will pass in a few weeks and no damage will be done. Just like the 08 crash that saw us drop house values by almost 20% that we just recovered last summer. That blip took 5 years to recover from. And that really was just a blip that was quickly fixed by government programs etc.

How do we fix these oil prices? How long before they bounce back to above $80? How long after will the Suncors start hiring back? How long after that will these people actually qualify for a mortgage again?

We could easily be in 2017-2018 by then. What mortgage rates will we have in 2018? Will we keep these emergency rates forever?
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