According to fundamentals, Canadian RE ownership continues to be significantly overvalued compared to rental cashflow. Even the bubbly Australian market has started to correct, but with interest rates low for at least 2 more years, who can predict how long the plates can continue spinning?
You can play with The Economist’s house prices chart yourself here:
Below is my Housing Starts chart updated with the preliminary October data as released by the CMHC. Note that the latest figures are typically revised several times over the following months, but there appears to be a clear downtrend forming in the national numbers, while BC & Vancouver continues to stay near their post-recovery high.