Canada 's housing bubble began to show the first signs of trouble in July . While apartment prices rose 27 % year - on - year and detached house prices 38 % , total sales fell 19 % . On 2 August , British Columbia 's 15 % transfer tax on homes involving foreign investors went into effect , with data for the first half of August Preliminary data indicate that sales over the first two weeks in August plunged 51% year over year, with sales of detached homes down 66%. showing sales dropped 51 % year - on - year , with detached house sales down 66 % . The trend has prompted speculation that a Canadian housing crash has begun , with the Bloomberg Nanos Canadian Housing Index reporting that the percentage of respondents expecting a decline in house prices has increased from 12 % to 20.5 % .
Canada 's housing bubble began to show the first signs of trouble in July . While apartment prices rose 27 % year - on - year and detached house prices 38 % , total sales fell 19 % . On 2 August , British Columbia 's 15 % transfer tax on homes involving foreign investors went into effect , with data for the first half of August showing sales dropped 51 % year - on - year , with detached house sales down 66 % . The trend has prompted speculation that a Canadian housing crash has begun , with the Bloomberg Nanos Canadian Housing Index reporting that the percentage of respondents expecting a decline in house prices has increased from 12 % to 20.5 % .