RBC now expects home sales to fall nearly 23% this year and 15% next year, and national benchmark prices to drop more than 12% from peak to trough by the second quarter of 2023.

The 42% drop in home sales from the peak in early 2021 will exceed the declines seen in the past four national downturns, Hogue said. In 1981-82 and again in 1989-1990 sales fell 33%; they fell 38% in 2008-09 and 20% in 2016-2018.

The 12% decline in prices by early 2023 will be the steepest correction in the past five housing downturns, he said.

https://ca.finance.yahoo.com/news/posthaste-canadas-housing-market-headed-115427064.html

How would a housing correction affect you/your investments?

Personally I bought in 2020 with no intentions of selling any time soon. I know people who are either trying to sell now, or will need to sell in the next few years and I feel bad for them. One in particular is trying to sell right now and already had to lower the sell price twice in a month and a half. Things are already crashing pretty quickly.