'Slump' is a poor choice of word to describe this market.  A drop in sales is not representative of a housing market 'slump'.  On the other hand, a significant depreciation in average benchmark price would be considered more of a 'slump'.

What we are seeing currently are twofolds.  Firstly, the foreign buyers have left.  Secondly, Canadian buyers have become spectators since the new foreign taxation law was implemented to see how low the price will go.  Demand has gone down, but it is only slightly under par currently with the city's low supply leading to a gentle depreciation in benchmark pricing thus far.  The last 6 months have given us a good idea of what would happen to the benchmark price when demand both domestically and internationally falls off a cliff.  The foreign buyers are gone but the domestic ones will return (give them roughly 6 months).  Expect gentle depreciation for 6 more months (10%-15%) before stabilization.