Some sensible and logical information given by the author. Much more truth in this article than the hundreds of other G&M articles promoting biased and unrealistic quotes from realtors, banking economist and other players in the RE industry.

I would still give the advice to be patient for at least another year to this couple. Just three reasons...

1. Interest rates are not done, they will keep going up for a while. Historically, higher interest rates = lower property prices. Momentum is always heading south during these periods.
2. B20 "stress test" legislation coming up on uninsured mortgages. It's a game changer!!!  No reason to debate it. Price drop will follow. 
3. Canadian debt levels are atrocious. Way too many speculators and wannabe landlords are getting burned, will get worst as rates go up and prices drop. 


***Prediction for next 12 months***
Average property price of Toronto will fall to 570,000$ from August average of 732,000$. That's another -22% to go!