Yeah, this will one of the definitive moments for the hind-sight of the Toronto housing market. All the foreign money left in November with the trumpy bond route. This is icing on the cake. Next thing you know, they'll go after the numbered Ontario company giant money laundry.
Everybody told them to wait and see if there was a classical Spring market. There wasn't. Almost no new listings in the neighbourhood. That would tell somebody there is something seriously wrong.
Anyway,we have to wait for our horribly slow numbers from the sleazy real-estate people. The depth of the crash really depends on how strung out everybody is. I was predicting that in June the listings would zoom up and the prices crash. Now, with all this over-steering, we'll see no listings and prices crashing, I don't know what that will mean, but I think people can only hold on for another month or so.
ps. It's official now. The Chinese will walk away from their condo deposits. Expect blood on the streets.