Sorry, but this is a naive prediction on the part of Sotheby's, who is letting logic and reason go by the wayside to try and change the current buyer psychology in the GTA housing market, and as a (commercial)realtor myself it's tough to see. NEWS FLASH - there are far too many homeowners that over extended themselves, jumping on the speculative bandwagon, who are now going to have to pay more than they planned for each month to service their enormous debt load, and many simply wont be able to afford it. Prospective buyers are going to be increasingly discerning in how they pursue this market as well.
Thinking that this will rebound to the craziness that was Q1 this year in the face of higher borrowing costs & tougher mortgage qualification is just ludicrous. These Realtors need to acknowledge that ALL markets, including ours, are cyclical and this is the present reality like it or not. I could of course be wrong but i'm letting my position be guided by facts as we currently know them.