The market is definitely shifting. It is still hot but becoming more balanced. The thing I am noticing is some houses are still going for more than expected, while others are going for way less. I think the market is finally becoming sane. Coming from Vancouver, I always thought Toronto was way underpriced up until the past year or so. Toronto has a far more diverse economy, is a way bigger city, and more high paying corporate jobs.  Toronto is a much more exciting place to live, and if I wanted a sleepy ocean town I'd go to Halifax where houses are actually cheap.