The chart above shows the year over year rate of change in the price of Vancouver, Calgary, and Toronto detached housing as well as the S&P TSX Real Estate Index. In January 2012 the TSX Real Estate Index remained hovering above the flat momentum line after it crashed six months ago as cash buyers fled the casino. On the street, Vancouver momentum surged through extreme enthusiasm on the way to a shot at Irrational Exuberance. We need another few data points to see if the flippers can sustain the action; at this point it requires ever diminishing greater fools to come along. Meanwhile Toronto's enthusiasm sunk towards the flat line and Calgary dipped into the negative again. The last time the TSX bulls failed to break out (May 2007); 18 months later they found themselves at the Get Me Out Level (down 40% Y/Y). This time, everyone's tweeting so I expect the next swoon to be as dramatic.