What percentage of Calgary’s population got a wage increase, and by how much? If only a small percentage of people/companies are benefitting from the oil boom, then that would support a few big and expensive homes. It shouldn’t make existing home prices jump that much. Did rents and per capita income rise the same percentage as housing? If not, it’s a bubble.
The interview I listened to the other day, which featured Shiller and Robert Campbell, was hosted by a Canadian radio station. I remember they talked about a bubble in Vancouver, but I don’t remember the other cities.
