It would be interesting to understand how the supply demand balance and mortgage rule environment now compares to the late 1980's.  Weary of Harvard professor Ken Rogoff's advice not to say "this time it is different" - the fundamentals do seem more supportive or a stable real estate market rather than a violent correction like the late 1980's.  We would need either (i) immigration to stop, (ii)  interest rates to move higher quickly, or (iii) significantly more supply to come to market.  None of these seem extremely likely.  

Interested to hear from people who saw the late 80's correction first hand and if they remember the feeling jsut before the crash.