This market is imploding as you read these comments. I work in construction and developers are trying to cancel projects as fast as they can. New reporting rule from the fall for CRA is crushing the industry with back taxes and penalties. Current home owners are trying to fix up their properties and unload.  The banks are not ready to value homes for mortgages. They are valuing them 10% below the sales price and deals are falling apart.
next 1-6 months price drop of 10-20%. 
After that
1) if they raise interest rates once - Market will stabilize 
2)if they raise twice - Additional 5% 
3) if they raise three times 10%...etc.
4) if OFSI brings in new mortgage rules and they raise rates, this whole thing is done. 30-40% drop. 
I would not buy in the next 6 months as these may be 3 rate hikes and mortgage changes that remove 20% of buyers.

I really just don't want to see young families get hurt.