New highs and air pockets. In June 2016 Canada’s big city metro SFD prices hit resistance M/M except Vancouver where another hat trick of all sectors for the third month in a row created new peak prices. Toronto SFD prices may have hit an air pocket but sales manged to exceed supply for a new benchmark in mania. Anyone owning a house in the scorching hot Vancouver and Toront omarkets is sitting on an unredeemed lottery ticket.
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) 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).