Supply and demand is what is going to change. When your (not you, you) house is worth 150K less and your mortgage payment is 600 more, that boat in the driveway (or trailer, or SXS) that you use 4 times a year is the first to go. And once toys have to be sold, prices drop pretty fast. The opposite of fomo happens.
We have had low rates for so long, BOC overnight at 3%+ means 5 years at 6%, variables at 4-5% and boat loans at 7-8%, etc. That 500k mortgage is going to be 600+ more per month.
Anyways, apologies for the doomer derail, last post on this, just wanted to share my perspective. I work for a large NA bank, follow this pretty closely and feel like the market is about to turn over. No idea what the decrease in prices will be but I'm expecting demand to dry up going into next summer.