There were many speculative purchasers in 2016 who were looking for a quick flip or assignment of their agreement of purchase and sale. They have no interest and/or cannot afford to rent at a loss while watching the value of their investment drop month after month. These speculators are expecting (hoping for) a bounce in the market like what happened in Vancouver. We will know within a short period of time whether or not that will happen. If it doesn't then the delevering process will accelerate and there will be a rush for the exits.