Canada

Regardless of your thoughts on capitalism, supply and demand works. The issue is that both supply and demand are high but there is a disagreement on pricing. So, transactions decrease until both sides accept what the demand curve looks like. There is high demand but only at lower prices. There is high supply but ( for the moment ) only at higher prices. Real estate is not like a factory. Sellers do not HAVE to sell, at least not at first. It is a game of chicken.

What we need to worry about is that supply and demand works. Builders are responding to the situation by cutting supply ( building less ).

So, we will probably see the price start to fall at some point. We may not get to enjoy it long though if demand continues ( likely ) and supply is being reduced ( reported ). Low building starts and high immigration means higher prices.

TL:DR - expect a short term pricing stalemate, medium term price drops, and long term price escalation.