Of course. How could it not be? It will be very difficult to adjust. Once we're in the mud, it's very hard to get out. You won't get out overnight.
Let me tell you something. Politicians who are promising that they will change the affordability crisis are either lying or ignorant. If you look at the level of prices in Canada for the last 50 years, you will see that there has never been a decrease in the price level. The Bank of Canada aims for increasing prices 2% every year. The same thing will be.... Houses are unlikely to fall significantly. The only solution is more housing being built.