I wouldn't describe it in that fashion but I'd more looking at simple supply and demand in the sector myself.
Demand, as recently reported, is fairly consistently the lowest in a decade in spite of record low interest rates. Supply has been well above CREA's "balanced" supply/sales ratio of 1.5-3.5 for many months now.
With the real potential for increased interest rates, further mortgage restrictions, the high debt loads and the inventory overhang, it still (seems to me) that there is quite a ways still to go to any real equilibrium.
Unless of course the general supply/demand fundamentals don't apply over time then who knows.
(BTW, liking the good discussion and information in the tread recently.
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