Anyone who points to fundamentals (immigration, etc.) to suggest the prices won't continue to crash is ignoring the fact that fundamentals didn't cause these prices in the first place -- speculation and emotion did. What we are watching is a massive speculative bubble burst under its own weight.  Just like all speculative bubbles always do.

Even without increased interest rates, OSFI changes, etc., prices would continue to come down because the market psychology has changed and the speculative impulse is gone. Higher interest rates, OSFI changes, are only going to compound what is clearly already happening.  Prices have already crashed 14% in 2 months -- which is the fastest decline of that magnitude that I am aware of.  And that's just the start.