I'm not going to wait for this month's GTA results. It will just show stagnant prices and no sales. Thus, 'the money in play' has gone down to near zero.
I did find out that houses in the middle of northern nowhere have gone down 50%. In all housing crashes, these are the houses that go down the most. For the last 30 years or so, people have made tons of money by buying houses in a field, full of mud, and waiting for it to settle. They make 20% a year on a leveraged investment and buy the next house in the mud.
Thus, I have no pity for these people. I'm sure thestar will find a few people who have never speculated and are in real trouble. Gush, gush, tears.
This decay starts from the siberias and works its way in to the main market. As I've been saying, the market is distorted by the banks and the super-rich money laundry. Something is holding the prices up, just like the Japan 'bad loans' scandal, and it will come crashing down. (Basically, the banks like to hide bad loans).
My 'prediction' is that the forces holding things up will collapse this year. I've been wrong the last two years, and could be wrong for another two or three. Whatever.