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I am currently living abroad and renting my house in downtown Toronto. From what I can see, the value of our house is holding steady but for many years, the value of the house had risen around 4% per year. The fact that it was already worth about 100K to 150K more than when I bought it and it is holding steady at that value is good news.
From what I can see, the Toronto (downtown) market is not likely to drop as the demand is still steady. I am just glad that I don't own in the suburbs where there was a real housing bubble.
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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