Look out for a "Bull Trap" before the next leg down.  Some buyers may rush in to beat coming interest rate hikes and the new OSFI uninsured mortgage qualification requirements.    Pent up supply would likely respond (re-listings, new listings) and market psychology could turn quite negative.  Although the price declines have already been very steep, valuations are still very high and interest rates are still near historic lows, so it's hard to imagine a V shaped 'recovery'.    But who knows if the correction will be as irrational as the run up?