Although Vancouver is different from Toronto in many ways, it is beneficial to see what happened in Vancouver following the initial shock in the market. As some others have mentioned, the market rebounded in Vancouver  after some time, which could (although we cannot be sure) happen in the Toronto market as well.

While we wait to see what will happen with the Toronto market, areas surrounding Toronto remain popular destinations due to significantly lower cost of houses for sale. Websites such as http://www.housesforsaleinbrampton.net/ are trying to capitalize on this opportunity