I have lived in Calgary all my life, and remember the early 80's. The recession was brutal, much worse than what is happening now. I remember houses dropping 30% in 6 months, and there was just no work anywhere. A lot of the houses built then were crap, in design and quality. I remember thinking that only during a boom could these houses sell.
I had an friend with a house that he paid $100,000 for, move out of it, and buy the identical model down the street for $70.000. ouch!
