Sanity.  Right.  When we cut off the 10-year visa fake immigrants completely, tax vacancies, stop giving citizenship to air mail babies, tax all worldwide incomes, limit purchases to people holding a Canadian Social Insurance Number, normalize interest rates, and cut mortgage insurance back to "entry-level only, $400,000 maximum," THEN we will see a return to somewhat reasonable prices in Toronto and Vancouver (and Calgary).  Nobody knows how large a drop that will produce - 40%, 50%, 60%, hard to say.  It would certainly be painful for old homeowners - but they bought for $300k 25 years ago - it hardly seems so terrible that they get $1.1 million, not $2.25 million, for their little house in central Toronto.  But for young Canadians, new non-rich immigrants, and renters, a crash would be a godsend.