Rob hits the nail on the head. A 10% change in affordability does open up a lot of the market to first time buyers. If you are able to get a house you like within budget (something that probably wasn't possible over the last few months) do you jump on it or continue waiting? Is this a dip, and therefore an excellent buying opportunity, or the start of a much larger drop? Once buyers start jumping in and prices rise will things go crazy again? 

This situation is annoying. Plain and simple. If houses were treated as homes and not like penny stocks on the TSX Venture this wouldn't even be an issue. 

Vancouver got hit even harder (far more foreign buyers, way higher prices, and less fundamentals to support high prices) and things are right back to normal.