In March 2017 Canada's big city metro SFD prices coiled about or slid off their near term highs except in Toronto where detached houses, town houses and condos fetched new peak prices; Vancouver strata prices also hit new highs as well. Strata is the new Canadian "can-do" "must-do" "will-do" affordability metric.
Anyone owning a house in the scorching hot Toronto market is sitting on an unredeemed lottery ticket. In Vancouver scorched earth ruins are beginning to appear. 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 shunning strata units in favour of detached properties.
The Plunge-O-Meter is a fantasy model based simply on the current snapshot of how much of the correction has already occurred and if the rate of change continues at the same tempo.