The chart above shows the average detached housing prices for Vancouver*, Calgary, Edmonton, Toronto*, Ottawa* and Montréal* (the six Canadian cities with over a million people each) as well as the average of the sum of Vancouver, Calgary and Toronto condo (apartment) prices on the left axis. On the right axis is the seasonally adjusted annualized rate (SAAR) of MLS® Residential Sales across Canada (one month lag).
In July 2017 Toronto metro SFD prices took another big step down erasing the price gains of 2017. Vancouver prices continue to defy gravity in all residential sectors; FOMO and speculative pricing has not been dampened yet. Anyone owning a detached house in the scorching hot Vancouver market is sitting on an unredeemed lottery ticket.
In Calgary prices are labouring under the new Energy Sector 2.0 as the oil majors head for blacker fields; big money is fleeing Canada and has been for nearly 20 years, and on the street, Calgary buyers are avoiding condo units in favour of townhouses and detached properties.
The Plunge-O-Meter tracks the dollar and percentage losses from the peak and projects when prices might find support.