Real Estate is slow. And houses with high values are slower yet. Those people don't use as much leverage so they are less likely to get underwater on the mortgage. I always thought this meant they would be more market sensitive and just discount and move but turns out they are stubborn. Your lower priced neighborhoods will show a crash sooner.
Edit - you dropped 15% year over year Canada wide. Pretty big drop.
http://business.financialpost.com/20...ousing-prices/