This chart of the ratio of House Price to Income comes from Thomas Holloway & Marcela McBurney at Leith Wheeler Investment Counsel Ltd.
They identified 48 distinct peaks in national price-to-income from 1970 to 2012 in 21 OECD Countries. The same "tent" formation occurs if the ratio is changed to price-to-rent but the plot for Canada starts even lower at 35% below the peak. For the right side of the tent to unfurl for Canada, either prices fall or incomes (or rents) have to rise. As you can see from the Case Shiller plot of price-to-income (dashed blue line), the U.S. model had more price drops and less wage inflation on the right side journey down. You can watch Canadian income (earnings) here.