@GMANNI: I agree that historical trends aren't the WORST thing but, for places like the GTA or Lower Mainland, have you actually calculated where prices will be if they continue at the avg. rate of growth they've seen for the last decade? Prices are spectacularly out of whack from incomes and rents already. When you consider the huge impact of policies in these high prices (i.e. the absence of free market forces) and how the negative impacts are disproportionately felt by those too young to have participated in the price run-up (i.e. people commonly referred to as "the future tax base" or "those with essential skills we'll need later"), it is very clear that a reckoning is coming. Now, that reckoning won't necessarily be a crash in prices. But based on the current lay of the land, the picture is not at all rosy for these communities going forward. Thus, ignoring these systemic issues and focusing only on historical performance seems pretty darn risky.