View Single Post
Old 03-04-2015, 10:53 AM   #33
lorenavedon
Backup Goalie
 
Join Date: Dec 2013
Exp:
Default

Quote:
Originally Posted by Red View Post
You are just moving goal posts. That would change in a hurry if 1500 homes hit the rental market within a month or two. It's a delicate balance.

We have a lot of empty homes during a time in which we will likely see people leave the province. At the same time we have a serious debt problem. 70% of people own homes and the province is about to go into recession because of low oil prices. Oil prices that are unlikely to go up for another year or more and will result in highest unemployment seen here in decades.
Add more taxes because the province is broke and there is not much positive there.

I sound negative, I know, but there is nothing there to suggest that good times are ahead. Finding a positive in February RE numbers is like winning the special Olympics. Yes, better that January, but terrible overall and January was catastrophic.
Calgary hasn't had a bad housing market since the early 90s. Difference between now and then is that people actually want to live here. There's not going to be a huge outflow of people from this city like there was in the 80s or 90s. People that cant sell or rent will just delist. They will rent, maybe at just a lower price. Employment in Calgary is still the strongest in the country, wages are still high and most families have dual incomes, severance packages, EI, RRSPs they can tap into etc. It's not all good news. If the situation remains this way for the next 12-24 months then we'll start seeing blood, but this stuff takes time. A few months of low oil prices that we've had so far isn't enough.
lorenavedon is offline