We just found an interesting Web site, housepriceindex.ca, that provides house price index in Canada. We checked a couple of big cities, such as Vancouver and Toronto. It’s a little bit surprising that housing prices in many cities have recovered. Some are even higher compared to 2008 when the recession started. You can see the house price index for Toronto in the chart above.

We are surprised because the recovery looks like to be in V-shape. We were expecting something like L-shape or U-shape.