It's clear the US market is toast. It's clear the Alberta bubble has EXPLODED (Updated 05/11/08; H/T to Island Boy at VT). It's clear the Ontario market is turning.
Ours? Not so clear. Yes, inventory is piling up. Yes, sales are declining. Yes, new condos aren't selling anymore. But prices remain slightly up. I know, I know, things take time to develop.
Nation-wide, the US market took about 6-8 months to unravel. But it didn't take that long in Alberta. It's not taking that long in Ontario. And these are facts that the bulls will use to justify their argument that Victoria is different.