In November 2014 Edmonton single family detached average prices (green plot line) hit a new historical high while the rest of the big city metros took a break under their respective highs in a year that is seeing the total MLS sales across Canada project the biggest single sales year since the 2008-2009 plunge.
It remains interesting to note that the combined average price of a Vancouver, Calgary & Toronto condo is currently 26% more expensive than a median priced Montreal SFD and note also that in the spring of 2006, those 3-City average condos zoomed 58% in price (over $100,000) in just 3 months as the buy side of the market freaked out over the inversion of the 10yr less the 2yr spread as it went negative (Yield Curve).
Mattress money has gushed into condos with no respect for fundamentals or plan for contingencies that may be required if Pit of Gloom II develops and one must write off capital gains and rely on employment earnings.
The average detached housing prices for Vancouver, Calgary, Edmonton, Toronto, Ottawa* and Montréal* as well as the average of Vancouver, Calgary and Toronto condo (apartment) prices (Left Axis).
On the right axis is the MLS Annual Total Residential Sales across Canada; the most recent data point being a projection to year end.