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‘The Top Is Off’: Home Prices Show Signs of Cracking in Canada’s Hot Market

Industry experts are predicting Canada’s home prices could finally start to decline after a 50% surge over the past two years.

A "For Sale" sign outside a home in Vancouver, British Columbia.

A "For Sale" sign outside a home in Vancouver, British Columbia.

Photographer: Jennifer Gauthier/Bloomberg

Realtor Adil Dinani has a front-row seat to the cracks starting to show in one of the world’s hottest markets. A month ago, bidding wars between as many as 20 potential buyers were common for his listings in Vancouver. Now, occasionally only a single offer turns up — some people are even feeling bold enough to haggle. 

“The top is off,” Dinani said of Canada’s record housing boom. He estimates the frenzy hit its peak sometime in February.