Calgary evidently has what the permabulls here in San Diego wish we had. Increases in population and wages sufficient to drive the market.
Most people define the elements that comprise a bubble to include price gains occurring based on speculation and irrational exuberance; and with little or no economic foundation. If the oil business in Calgary is pumping a ton of money into their economy that’s better characterized as a reaction to an improvement in their fundamentals. Sure, there might be some speculation in there too; but even after the short timers leave town those fundamentals will remain, and so will that portion of those gains that were tied to those fundamentals. Wages and population.
