People don't seem to realize that thanks to interest rates at generational lows and foreign speculation and money laundering, Canada has had the biggest and longest bull run in housing in many people's lifetimes. The long term average rate of real estate appreciation has historically been something like 2-3%/ year. In Vancouver and TOronto, housing is severely overvalued and anyone who bought in the last few years if they expect things to appreciate like they have in the past 10 years, I think they are in for a big shock. Average house prices in these cities have far  exceeded even average professional salaries, so if prices continue to climb, you have to ask yourself who will be living in these cities. Vancouver has already changed for the worst, and it looks as though TO is headed in that direction.