Tuesday, August 28, 2007
Alberta's Wealth Rollercoaster
Hat tip to anonymous at 5:21pm. How do like the front page of the Edmonton Sun today? I dare say, it will be a cold day you-know-where before the local media puts a title like this on their front page!
The whole article can be found here. Average sale price in Calgary continues to drop as well.
Remember buddy here who bought two condos at Bear Mountain last fall? Unless he is independently wealthy, how long before him, and the tens of dozens of other Albertans, Americans, Irish, whoever, that bought condos out here as investments, start to sell off their properties because their artificial wealth back home has whithered away? How long before our active MLS listings hits 4000, 5000, 6000??? When will it start to skyrocket? And how high will it go?
Perhaps, an applicable analogy is to liken our current listings inventory to a rubber band. It continues to be stretched until finally, it's released, and away it goes!