It may be that the majority of Canadians didn't purchase investment property but instead, purchased second or third homes with associated USD expenses. Increased CAD-denominated expenses and no off-setting revenue = pressure to sell
I suspected that this might happen (despite all the recency-biased calls for the CAD to continue to strengthen against the USD past parity; some of which made it into this thread).
Either way it's easier to sell today than it was in 2009-2010*
I didn't want to have the currency move against me and be pressured into selling my US property so I sought investment property to generate USD income. The world's reserve currency is good anywhere. A US property anchor, not so much.
* I shoulda bought in Oakland. A family member of mine purchased a penthouse for $400k in 2009 and immediately rented it out at $5500 a month. The rent and price are bit higher today.
Italy, Greece and Spain are next and will have great RE opportunities. Although these will mostly apply to an alternative residences, they will be great deals all around. My "fearless forecast" (humour) indicates that a single country exit from the Euro by one of these debt laden countries will be too devastating for the aristocrats within. Consequently, the most probable solution will be to create a <Euro South> and exit simultaneously.
The problem is Vancouver and Toronto property markets are significantly overvalued today. The Canada Mortgage and Housing Corporation has voiced fears that these markets are presenting signs of a bubble that will only recede if prices stabilize. According to Tranio's research price growth is due to slow down to a sustainable rate in 2016. Read this article, maybe it will help you to make a proper decision.
AvalonBay shows how rental increases have far outstripped inflation over the past decade. Inflation, measured by CPI, has increased at less than 20% cumulatively, while AvalonBay has raised rents across its portfolio at a 40% clip (or 3.5% annualized) and in San Francisco at a staggering 70% clip (or 5.6% annualized).
"The short supply is pushing home prices higher than expected this year. Zillow had predicted 2 percent growth in home values from April 2015 to April 2016, but its latest data show values currently soaring more than twice that, at 4.9 percent."
Phoenix, AZ ranks 10th on the chart with yoy increase in home prices of 8.8%
Existing US home prices far outpace inflation. You can still find B class SFH at 7-8% cash on cash for all cash purchases or 10-12% on financed but fewer and further between. Approximately half the return of what was available at the start of this thread (and of course the CAD was at parity with the USD back then).