While the Chicken Little types can run around and scream about collapse and the bubble finally bursting, the reality is that prices will return to normal in about six months - which is exactly what happened in Vancouver after the new tax rules there put small-time speculators out of the market. 

Nothing else out there delivers the kind of return on investment that real estate does. As long as interest rates remain in the single digits, real estate will continue to flourish. There will be some fluctuations which flush out the short-term opportunists, obviously, and this is just one. But over the longer term (5 years +), nothing gains value like land. They just don't build any more of it.