1. Exactly when this would happen
2. How far the market would drop
3. Which stocks or investments would be affected.
The additional mantras being told in Canada right now are "There have never been bubbles in the Canadian housing market!" (not true) and "Canada is different!" (perhaps true, but not as different as you might think).
Bear in mind also that low interest rates may be driving down the monthly costs and driving up prices. But when happens if rates rise? Insurance rises? Condo fees rise? Taxes rise? That was the "perfect storm" we had in Florida in 2008, and the result was, prices plummeted. And if you have to sell your house or condo at that point, too bad for you. Often the "timing" of a sale is not something of your choosing, due to job changes or life changes.