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Old 03-20-2015, 01:21 PM   #70
polak
In the Sin Bin
 
Join Date: Aug 2012
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Dude. There was a ten year recession in Alberta in the 80's. Not even that long ago.

That has to be the most ridiculous view I've ever heard in my life. If there's no work, people aren't going to come to Calgary. Why would they? It's not like the whole world is going to ####, it's just (Expensive) Oil based economies. FIRST thing someone looking to move countries or provinces will do is look at employment numbers. Would you go to the place that has more work or less work? Pretty simple logic right there.

I don't know how old you are, but I'm assuming by your attitude you probably aren't old enough to remember or experience a real economic down turn in Alberta and because of this, you have these expectations that everything will always be peachy.

You want to know what can happen to a city riding the good times, seemingly forever? You should read about Winnipeg, or even better, Detroit.

No it can't happen here right? Cause...ummm well... oil.... ummm....?

Now I don't think that's what is going to happen in Calgary but it is completely realistic to say we won't see $80+ oil for the next decade. Do you know what that means for the Oil Sands? Lets hope it doesn't come to that but you're completely out to lunch if you think Calgary has some sort of blessing that will guarantee that it will keep growing forever.

There is no justification for Calgary's real estate bubble. None. We don't lack space, we don't build some sort of great quality housing, we're just lucky to have high population growth due to what used to be a very hot job market. Now there is a very real chance that stops long term. Tell me then, what will prop up these prices when our population stays flat or goes down and the people that do still have work here are now making significantly less without the high salaries? I don't care what sellers WANT to sell their house for. It's what people can afford.

Ask the people who aren't working in O&G, the people making 45 - 60 K a year how affordable housing is in this city. If that becomes the new reality, I'd love to see how your sellers are going to sell their 1000 sq ft starter home in Cranston for $400 K

Last edited by polak; 03-20-2015 at 02:13 PM.
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