A drop in U.S. house prices shouldn't affect the local market.
According to the Globe and Mail on-line, economists from the TD Bank predict booming markets like Calgary and Vancouver will face falling prices.
Rob Irwin with the Calgary Real Estate Board, however, says we're not in a housing bubble. The market is simply reflecting the economy.
"I would consider it to have been steady growth, fuelled by jobs and employment, the relocation of people who can't find jobs anywhere in Canada coming here," he says. "I would think growth has been probably larger than expected this year and it may tail down a little bit, but it will still be growth."
He also says people will continue to buy in peripheral towns like Okotoks and High River to get "more house for [their] dollar."