I think buyers are now beginning to understand that the beautiful house built in 2001 for $385,000 is not worth $2.1 million in 2017. 

They also are now understanding that as the market has fallen 20% in the last 6 months some buyers who bought on their agents recommendation at the peak  are completely underwater now as their equity has disappeared and if they have to sell due to the fact the banks won't re-finance them (no equity) that they will actually have to borrow money to pay off the bank and the real estate agent's fees
.
Still long way to  go in the opinion of all global economic analysts except for those that are affiliated with CREA or TREB or that have a vested interest in generating fees