Rob Carrick has been trying to talk down high housing prices for well over 10 years. Like a broken clock he will be right once every 12 years. 

For those looking to "time" their real estate market entry, the inflation adjusted chart on this page may prove more helpful than any of Mr Carrick's prognostications. But be prepared for a long trough with no appreciable increase in prices until after the boomers finish downsizing and/or exiting the market in a big way. Demographics is at least as important as interest rates.

http://www.torontohomes-for-sale.com/Toronto-average-real-estate-property-prices.html
( see average price in 2016 dollars)