An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday
I think they'll be fine.
$400,000 decreases in a matter of months means the bubble is popping
Yup, and that'll screw over the people looking to flip (HGTV) and folks with just bad timing, but longterm owners will be fine as the market will recover and rebound over the span of years.
i'm sure everyone thought the same thing in 2007
All depends on the market, but the housing market has recovered in many places, particularly in wealthier regions not centered around bubble housing growth. For established cities like Toronto, they're guaranteed still have growth as the economic center of Canada. They'll be fine within 2-3 years.
nope. the supply of homes will exceed the demand for a long time.