Two articles indicate we've reached it again.
The first, RBC's affordability report (H/T to Kunwak) says "Homeownership... became more expensive in the most recent quarter... and isn't likely to get more affordable, according to a report by RBC Economics Research"
and the second, Scotiabank's hint of a bubble, "...real estate prices are inflated, but they're unlikely to correct themselves in the short term, a Bank of Nova Scotia report suggests"
scream out the end is nigh! if you read between the lines.
Here's a little history for readers needing a reminder about what led to the original correction in Canada: HIGH HOME PRICES AND RISING INTEREST RATES. Sorry to scream at you, but we really do need to be clear on this.
The real estate industry and their parrots in the MSM repeated ad naseum throughout the "downturn" that it was external factors--recession, fear, global warming eating all the available land--that led to price reductions. Readers of HHV know it wasn't.
It really is simple: when the median income family can't afford the median house, prices are pressured to decline. Three inputs effect affordability: income, price and interest rates.
I've painted you a crude picture to demonstrate current conditions:
Prices are rising, interest rates are rising and incomes are falling. I wonder which way the market will head over the next 12 to 24 months? *scratches head*