I have never read this blog before but I like Garth’s style. I do agree with what he is saying in this post that we were not well informed by our government. People should have been given the information instead of the continual denial. Would it have helped? Possibly but most likely not. This is a Global crisis. Could we have been better prepared perhaps but everyone is suffering so pointing fingers isn’t going to help we need a collective solution. Collective on a global scale but also within our own government.

After reading through the messages posted on this board it is no wonder that some would take offence to my post (www.mycalgaryrealestateblog.com) for its optimism of the Calgary Real Estate Market.

The global economic situation is dire and seems to worsen every day. We have not seen economic times like these in our lifetime and it is anyone’s guess as to how things will turn out. We are seeing unprecedented cooperation between world governments and still the global markets continue to crumble.

Japan, South Korea and China met for their first annual summit to discuss how to generate consumer demand in their countries. Germany and Canada are both waiting to see and will announce budgets at the end of January. I think that everyone is curious what will happen when Obama takes over presidency of the US.

Everyone at this point is speculating precisely because these are unprecedented times. However, if we all adopt the attitude of absolute pessimism does that not perpetuate the ‘self fulfilling prophecy’.

Do I see hard times ahead? Absolutely. Has Calgary’s real estate market hit rock bottom? Not yet. Are there deals to be had in the market? Definitely. Can you invest in properties that are cash flow positive right now? Yes. Are some people looking for that as an option? Yes. Should you buy if you want to sell again next year? Probably not. Should you do your research? Always. Should real estate be a long term investment? Yes. Does anyone know what is to come? No.

Under Mayor David Miller and his progressive allies on Council, the City’s welfare reserve fund has been depleted to pay for day-to-day operating expenses. From a high point of $94.4 million in 2003, it has been taken down to a mere $8.3 million. This means that we are going into a major international economic downturn with the income support system of the largest city in the country ready to collapse at the first test.

There are already more evictions taking place under McGuinty than during the Harris years. If jobless rates shoot up and income support systems are further restricted, an epidemic of economic evictions will ensue.

The role of the police in poor communities will be stepped up in conditions of worsening poverty and destitution. If we look at the history of the Great Depression, we can see how local authorities responded in that period to the explosion of homelessness that took place. The police were used to ensure that those without work and housing received a very clear message that they were unwelcome and should move on.

Act like a bigot, get called out a bigot. Nothing to do with credibility. — Garth