Quote:
Originally Posted by Cowboy89
Calgary's different in that it's residential Real Estate market already corrected 15-20% since 2007 after a massive run-up in prices. The rest of the country's massive run up in sales and prices occured when we were declining. A buyer at the margins of lending standrads in Calgary in 2007 is probably massively underwater, just as a 2011 buyer in Vancouver or Toronto will be soon.
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Calgary wasn't the only place that corrected in 09.