Here is another refresher course for buyers:
- Do not trust realtors, they work on commissions.
- Do your own research on housing market, don't trust everything in newspapers.
- Quotes from realtors, banking economists, brokers are meaningless, all biased.
- GTA is still massively overpriced in relation to financial fundamentals. 
- The bubble has went "pop", but its just the start of a long fall.
- Interest rates going up for a while (October is next one), then 2 to 3 more in 2018.
- OSFI new stress test on uninsured mortgages! (+2% for everyone).
- OSFI adding +3% stress test on mortgage renewals if property price is down.
- Mortgage defaults at historic lows, last low was right before last crash. When prices start going down (-20% in a few months), defaults start rising.
- New stress test will take 18% to 20% of purchasing power away from buyers.

Conclusion: I predict that Toronto average prices will easily drop another -20% in next 4 months. Aug/Sep/Oct/Nov will be brutal!