As a n individual with 3 properties and 1 Lake font lot in cottage country, all I have to say is that it is time for a massive correction at least 40%.  And yes I do want it!!  Not worried at all because I have prepared myself for this correction.  For Real Estate Agents,Canadians and banks which have acted irresponsibly in this over heated market, it sucks to be you!!!

What Real Estate agents forget to tell you is that the last "Real" correction was in 1989 when prices dropped 40%, and that Real Estate prices did not recover until 1996 to 1989  levels (7 years!!).   For those not counting that is almost 28 years ago of a bull Market in Real Estate).   Much of what occurred in 1989 is what is happening today.  Back then people made more money flipping houses every 6 months than they did working.  This is again what is repeating itself today. 

Action required for correction:  Minimum 25% down, CHMC no longer insures mortgages  with less than this amount.  20% tax on Foreign Buyers.