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by mistermann 3954 days ago
> Housing prices in Alberta have collapsed.

Sales have collapsed perhaps, but not prices. We shall see if $30 oil can take the wind out of Canadian real estate, I'll believe it when I see it, the confidence level of Canadians when it comes to housing is extremely high.
1 comments
redthrowaway 3954 days ago
You're right. Sales are down 30% in Calgary, but prices have only dropped 1.6%. [1] Still, that's compared to a 9% rise for the rest of Canada. [2] I'd still expect them to drop significantly more as laid-off oil workers burn through their savings and find themselves unable to pay their mortgage.

[1] http://www.creb.com/Seller_Resources/Housing_Statistics/ [2] http://public.tableau.com/shared/S48Y522MR?:display_count=no

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mistermann 3953 days ago
Actually, not going up 10% a year in Canada pretty much could be considered a collapse!

> I'd still expect them to drop significantly more as laid-off oil workers burn through their savings and find themselves unable to pay their mortgage.

One would think so, but real estate seems to be able to often defy both logic and mathematics.

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