Quote:
Originally Posted by Slava
I just have the impression that there is no pleasing you with this information. I think most posters here would say that (a) Calgary is in a different position than most of the others in that chart and (b) Toronto and Vancouver are both over-priced. This basically shows that, and shows signs of a softening in the Vancouver market and you still have the chicken little position.
The reality is that the softened market in Toronto and Vancouver are good news stories. If (as many predict) the bubble is more a balloon with values decreasing gradually its much better than a sudden bursting. (Although for your dire predictions this case might not be ideal). As far as Calgary being different, it just is. We have a wide range of factors that are different from other cities on that list, including but not limited to oil.
Just for the sake of old times though, can you remind me how many years we're behind the US again?
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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.