Rate of Change Y/Y Vancouver, Calgary, Toronto and TSX Real Estate
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 April 2013 Toronto price momentum dropped again and is within a snick of the flat line. Calgary price momentum suddenly plunged and appears to be headed back to the flat line where it has oscillated since the summer of 2010. Vancouver momentum continues to hover above Extreme Fear. The last time the TSX bulls failed to break out (May 2007), eighteen months later investors found themselves at the Get Me Out Level (down 40% Y/Y). This time, everyone is tweeting so I expect the swoon to be more dramatic. You can follow my tweets here and you can vote here.