To the degree that housing in the area is in trouble, I still have to guess that the impact of the recent large layoffs must be dwarfed by the impact from interest rate changes. Of the people that still have jobs and feel secure in them, their cashflow will still get them much less house than a year ago. For those that had some form of equity compensation, the value of that has probably dropped sharply. I.e. people who would otherwise be potential home-buyers will be making significantly smaller offers, even if they still have jobs.

I think there are a number of recently completed or near-completion condo buildings that are going to be in trouble, having been planned around sale-price expectations which now seem hard to reach. But in the broader and longer-term view, doesn't the fact still remain that we have too little housing in the region?