Even though interest rates are going up , I still do not see any signs that the prices are going down in Victoria or Toronto where inventory is really low.  Low inventory means people are not moving and that is key to this whole housing conundrum.   As long as the government ignores the impact of foreign buyers on the RE market, the more it will worsen.  Foreign buyers have changed the RE ball game entirely as can be seen in Vancouver, Victoria and Toronto.   Tax foreign buyers to death or limit or prohibit their ability to buy in Canada period !