When assets do this, they moved out of their trend and are biding time. Waiting for the next buying frenzy to move them up or a break down and out of the pattern.
It could go either way. So far European debt crises, Chinese slow downs, commodity collapses etc have had very little effect on the price of housing in this city, though outside buyers have seen 5-10% drops in the last two years.
December will show a high sales/list ratio due to on-going buying but less listings. The price may just edge up or down a bit, leaving January with the final tale to tell on this pattern resolution.
It should break down- however I do not for one second count out the possibility of renewed easing by the Central banks of the world. Carney has been talking tough on Canadian consumer debt which he helped create with ultra-low rates, but I am sure he would not blink an eye-lid and join with his buddies in slashing back down to 0.25% which would save the stockmarket and push all assets- gold, RE, oil back into the stratosphere.
One day there will be nowhere to go. rates will be at zero. The US Fed will own most US bonds (they have already bought up so much in their ponzi scheme, that they own more than China or Japan or the Gulf States!) The consumer will be so tapped out that, like a gorged glutton they cannot take on another cent to consume.
We are pretty close to that state but there may be just a little more they can squeeze into the glutton:
Like the fellow who makes his entrance at about one minute 10 seconds