I was just up in country north of Toronto. Listings are everywhere. I haven't seen anything like that since the last time. Trouble is that most people will want the peak price and will hold on for quite a while. It was like that when I sold my house months after the last crash. The people who were selling the house I wanted thought they could get the old price. But I had discounted my old house by 20% to sell it. Because it was an estate sale and was listed for a very long time, I eventually got the new house at 20% off.
So, all you people who have made tons of money flipping houses, take the haircut and sell.