In regard to Toronto. I think if real estate agents are seeing a slightly calmed market this is the time to buy (if you plan to buy anyway). This might be a narrow opportunity to not move with the herd. The fundamentals in TO haven't changed.  Short of a major financial/world event all factors indicate continued appreciation. I think the last domino just fell that was preventing 'hyper' appreciation, rental prices. With rents rising 9% last quarter I think you will continue to see condos appreciate at 10% and house 15-20%. People have nowhere left to flee if rental rates continue on this trajectory. Higher rental rates will signal to mom and pap condo investors they will be able to rent their investment condo cashflow neutral or close to it.  I think people don't understand the new rules and it will take some time for people to process them. If they don't effect you and you plan to buy in TO take the opportunity as people sit on the sidelines going , hmmmmm.