Our fortunes most certainly do revolve with the energy industry. Oil is one of the factors, but don’t forget about natural gas, which actually brings in more revenue for our province. It’s quickly heading towards the $3.xx mark, sitting at $4.03. From the peak of $13, that’s 30% of the peak.

Oil: 32% of the peak
Gas: 32% of the peak

Home prices: 75% of the peak?

Anything can happen, but if I were betting on it, I’d say 50-60% of the peak is more realistic.

If prices end up 25% or so off the peak and they stop falling and even see a small upturn then I for one would call that a boom of sorts.

I think that Alberta’s fortunes revolve with the energy industry. Many experts say we are still well positioned for oil’s rebound. We may see a sharp rebound in oil prices by years end, which will likely translate into greater consumer confidence and a potentially stabilizing real estate market.

Much of the future increased demand will come from our relatively younger population that now can afford homes that a short few years ago they could not.

I’m struggling to think of any time in the history of markets where there has been 2 booms within even 20 years of each other.

I think looking back on this, you’ll see that Calgary real estate was just like any other speculative bubble. Once it bursts, people look back on it and think ‘What were we thinking?’.

Tech stocks of the late 90′s, tulip bulbs of the 1600′s, they’re all the same.

“This time it’s different.” – the most famous last words of anyone caught in a bubble.