HOUSING PRICE MOMENTUM Y/Y RATE OF CHANGE for Vancouver, Calgary, Toronto Single Family Detached Prices and the TSX Real Estate Index
Also see the WTI vs WCS Crude Oil Price Spread and a Google Search BELOW
Vancouver SFD prices are HPI® Benchmark; Toronto and Calgary SFD price are average.
In August 2018 Vancouver, Calgary and Toronto SFD price momentum hovered about the flat line while the TSX Real Estate Index cash buyer momentum ticked back up to the nearby highs.
There is the overhanging threat from the Trump White House and its advertised changes coming to trade protectionism and energy sector deregulation in the U.S. where the oil majors are focusing their attention and retreating from the expense of Alberta's capital intensive oil sands.
WTI vs WCS Crude Oil Prices
Canadian drilling fleet has shrunk from nearly 900 rigs in 2014 to 621 now
Back in 1Q 2007 the TSX RE Index plunged below the flat line with the global troubles and 18 months later, investors found themselves at the Get Me Out level (down 40% Y/Y).
Now, 9.4 years after the Pit of Gloom March 2009 crash lows and the imposed statecraft of ZIRP and NIRP, anxiety is growing about energy sector downtrends and imported price inflation from a weakening CAD/USD.
Social media moves markets now and I expect the swoon to be more dramatic when it comes. You can follow my tweets here.