MILLIONAIRE METRIC Vancouver, Calgary & Toronto Single Family Detached and a Millionaire all priced in $CAD Ounces of Gold
The chart above attempts to look for breakouts or breakdowns in the hot Canadian real estate markets when valued in a globally traded "currency".
Bullion attracts investment when credit markets contract because of its classic use as a hedge against currency depreciation and its ability to act as a store of value.
In JUN 2019 the nominal price of gold rose 8.1% in CAD and 9.5% in USD moving the TSX Gold Index above the midpoint of the last 6 year price channel.
Gold pricing is being liberated by the underlying price of oil which after rallying since June 2017 is heading lower as the U.S. Dollar rallies.
This chart downtrend is your friend if you own gold and are looking for an entry into the single family housing market. Calgary housing has been heading towards a value proposition especially with earnings in Alberta that are only 2% below their October 2014 peak. Vancouver and Toronto SFD prices are following suit.