When it comes to the real estate market, the conjecture is flowing, the questions being posed, the concern mounting. In the majority of the country, this concern is all focused on markets perceived to be ‘over-priced’ or ‘over-heated.’ However, with a quick trip west to Alberta you find the concern is on the opposite end of the scale with the experts asking the question: “Why isn’t the market booming like it was in 2007?”
This is real life proof that the Canadian market has become incredibly regional in its performance and focus. The debate in Toronto is all about the over/under supply of condos hitting the market: in Vancouver it is all about whether the city is becoming a haven for empty condos owned by foreigners, in Saskatchewan the discussion is currently focusing on how to provide affordable housing for the growing population of workers.
While these discussions continue, in Alberta the discussion has turned just a little strange. The questions are not about whether the market is over-valued, or whether there are too many foreign buyers, or even a discussion on affordable housing. The debate that is raging is all around why the market isn’t booming like it did in 2006 and 2007 (the hottest time in Alberta’s real estate market) when the job market and population were growing at the same rates as they are today.