Yes and no. As I discussed during a panel discussion at the Inman Real Estate Connect conference, it hinges almost exclusively on the continued strength of the Canadian dollar and weakness in the American dollar.
Even with the recent strength in the American dollar (now running around $1 to $1.06 CAD), I'm still seeing Canadians registering to search for properties on my website. After all, $1.06 still is better than the $1.20 to which they've become accustomed over time. Some will remember back to last fall when the USD was worth less than the Canadian dollar but most seem to have some sort of perspective.
Speaking of perspective, it's worth keeping in mind that the Canadian government as a rule would prefer the CAD not be at parity to the USD as it hurts exports. So what does that leave you? A strengthening US dollar and currency from a country where the government would prefer a little less relative strength.
The trend is continuing but the window could be closing dependent on whether the US dollar rally holdsand whether the Canadian dollar can retain it's strength.