In Vancouver and Toronto a Dramatic Sentiment Shift is Manifesting. Calgary shares a bearish view with Toronto and Vancouver voters that prices will be down 20% next year, but their vote tallies suggest prices may be flat or only 5% down.

The Canadian Real Estate Plunge-O-Meter…
…tracks the dollar and percentage losses from the peak and projects when prices might find support.

The Toronto view is for a definite price break but the depth of plunge is still debatable. In Vancouver, the bears rule. RESULTS HERE

Vancouver average single family detached prices in November 2012 dropped again for a seven month plunge of 14.1% and a loss of $150,300 which is greater by 22% than the 2007-09 crash amount and the current plunge is an 85% retracement of the $177,329 gain since the beginning of the year (Vancouver Chart). At the “low end” strata prices slipped again and townhouses are 13.5% below their July 2011 peak and condos are down 9.9% below their April 2011 peak (Scorecard). Vancouver strata units are trading at 3Q & 4Q 2007 price levels and the Plunge-O-Meter predicts 2005 price levels will be seen again.

Earnings in BC held steady just 0.7% below their July 2012 peak, but remain 3.5% below Canada, 4.2% below Ontario and 19.8% below Alberta. BC earnings failed to follow Alberta’s big move up in early 2010 and has lagged average Canadian earnings since then by 3-5%.

…..for details on Calgary, Edmonton, Toronto, Ottawa, Montreal go HERE