Depends on your definition of “long haul”. Assuming the dollar doesn’t get Canadianized, over the next 5 years I’d totally bet against prices coming back to this level. Over the next 10 years I might not.
I refer you back to the last downcycle. From peak to trough to the same peak (+25% over the long term price trendline) took 11 years. Look at the graphs: 1991 – 1997; 1997 – 2002; and that peak was 1/3 of what this peak is relative to the long term trend.
In other words, after adjusting the prices for inflation, it took 11 years for a buyer in 1991 to break even on that purchase. That’s pretty sobering because if this cycle does what every other cycle has done so far it would probably take a lot longer than 11 years – the distortion is 3 times worse this time.