When I moved to Oakville 16 years ago I built a new home in the Joshua Creek area. I paid $335,000. I then put in $45,000 of upgrades which was  hardwood and granite every where. That $45k included a Sub Zero fridge and Viking Ultra Range appliances etc. Basically $380,000 all in.

I have a really hard time reading any article saying that the real estate market is recovering or its fairly priced right now.  The above house should be worth more as the market has appreciated but what is a fair value? Is it $800,000 ? A million ?? $1.5 million ??

No its listed at $2.2 million. This market is still severely over valued and the only people that think its fairly valued are real estate organizations trying to justify service costs or frankly those who have leveraged their futures for no reason.

I think the house is probably fairly valued at $1.2 so that means there is still another 45% of fluff or froth still to evaporate