Final answer:
Homeowners in Calgary being better or worse off due to housing price changes depends on the specific market dynamics. Historical trends suggest that housing markets experience periods of growth and decline, and individual circumstances will determine the impact on homeowners. Without specific data, we cannot generalize the state of all homeowners in Calgary.
Step-by-step explanation:
The question regarding whether homeowners in Calgary are better off or worse off due to changes in housing prices can be analyzed considering the housing market fluctuations. Generally, housing prices in many regions, including the United States, have seen significant changes, such as during the housing bubble of the mid-2000s when prices increased rapidly but were later followed by a sharp decline in 2007 and 2008, contributing to the recession at that time. By the early 2020s, prices had generally recovered and continued to rise.
In the context of Calgary, without more specific information about the magnitude of price changes, it's challenging to conclusively say if most Calgary homeowners are better or worse off. If the drop in housing prices from five years ago was large, and the recent recovery still leaves them below that level, homeowners might be considered worse off. However, if the recent increase suggests a positive trend and homeowners were able to purchase when prices were at their lowest, they could be considered better off due to potential equity increases. The options mentioned in the question, such as being in equilibrium, better off, or worse off, would depend on the individual homeowner's circumstances and the specific market dynamics in Calgary. Therefore, without further details, it isn't easy to make a wide generalization about the state of homeowners in Calgary.