The chart above shows the average detached housing prices for Vancouver, Calgary, Edmonton, Toronto, Ottawa* and Montréal* (*Ottawa are combined residential; Montreal are median not average). In July 2012 urban flippers headed to the exits and buyers retreated to the sidelines as huge sales resistance across Canada (Scorecard) continued to grow with double digit drops like Toronto SFD sales down 23.6% M/M and Vancouver SFD sales down 28.5% Y/Y. Pricing power has been hit in the hot markets of Vancouver and Toronto (Plunge-O-Meter) with SFDs losing 10.8% equity in Vancouver and 7.7% SFD equity loss in Toronto in just the last 3 months. Despite low rates and negative yields, the risk of equity loss is changing buyer sentiment. In my neighborhood walk about through open houses, the pitch is the same… “Price Reduced”.