In seriousness, this is the problem: capital won’t take a haircut because line must go up, and labour is absolutely tapped out. There’s no more easy debt to leverage, and thanks to inflation, and more thanks to rampant profiteering and an immigration policy designed to suppress wages and strip-mine new Canadians, no new wealth generated.
The game of musical chairs that is the real estate market was always going to stop, it was only a question of who was going to be left standing at the end. What will be interesting is, is this the first domino in the chain, as the dearth of condo-to-home buyers in the pipeline blows up everything else?
My hope is that this whipsaws through the economy and hurts so many people so badly that a) we learn to never let it happen again, and b) that it emboldens governments to finally tax the shit out of the rich.