What will happen if the Liberals start to feel the political heat, and suspend their open-entry visa program?  One can imagine they would grandfather all previous house purchases, but still, stopping the flow would help a lot.  Then, imagine we continue to cut back on the CMHC's mortgage guarantees, maybe lowering the max. to $500,000.  Assume we continue to let interest rates go back to normal.  Assume (now I am really reaching!) also that the feds cut a lot of idiotic spending, and appoint a Royal Commission to study and recommend action on the massive pension deficit problem.  The result of that is to cut many pensions back to what is paid for by past contributions.  Scrap CMHC's portfolio insurance, let banks live with the risk of their loans, and make it clear no bailout beyond deposit insurance will ever occur.  Limit houses to citizens, ideally. Finally, wait for the millions of boomer houses to come to market.   Can you say a 40% national decline, and 65+% in the crazy places??