Canadian home prices mirrored U.S. home prices surging from 2001 to 2008 when they suddenly plunged during the global financial crisis. Since 2009, however, they have once again been on a tear again as U.S. home price have remained subdued.
The person most responsible for the movement in Canadian home prices is probably Mark Carney, the now former head of the Bank Of Canada who was recently poached by the Bank of England.
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Carney has been praised for embarking on aggressive easy monetary policy in his effort to keep Canada from sinking with the rest of the global economy.
However, some are now concerned that his policies are reinflating a massive housing bubble. Capital Economics warned that Canadian home prices will fall 25 percent from here, and Robert Shiller warned that Canada looked like the slow-motion version of the U.S.housing bust.
Recent home price data shows that recent regulations have cooled the housing market a bit, causing some to argue that Canada's housing market is nothing like America's.
What follows is a review of how the Canadian housing market has evolved since 2001. It should be noted that Carney took over the Bank of Canada in 2007.
2001: After years of moving sideways, home prices took off
Source: Canadian Center For Policy Alternatives
2001: 2016 Nita Lane in Whistler, B.C. sells for a cool $10 million -- setting a Canadian record for the highest price ever paid for a residential home.
Source: Great Estates
JUNE 2005: 3552 Falcon Crescent sold for a record $11.2 million
Source: Great Estates
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