I like the other info as well, however I want to focus on this comment.
I see more of this attitude than anything else (when speaking of the housing markets in the GTA). People have put on the blinders, and nothing will change their viewpoint. In the end, this incredibly static view is what spurs my belief that the market will fail. The market is not based on anything fundamental. It is based on a notion that has no basis in reality, and debt that will have to be paid eventually.
If you ask me (I know, no one has), availability of credit in the modern era has created a house of cards, ripe for crashing. Common sense is not as common as some people think.
In the end of this ponzi scheme, people who can hold onto their equity (non-housing of course) will end up coming out of this on top. Essentially, the wealthy will get wealthier, and the middle-class will further deteriorate. If you follow history, this almost seems clockwork.