The Toronto market has recently rolled over and prices are falling. I knew a few people who were able to sell at the peak of the market. I also know one person who tried to sell, the downturn happened and the buyer pulled out.

Some folks were able to walk away with $1M cash and just rented after. The rent to home price ratio is crazy in Toronto and they were able to rent a home for $3000 that would cost $6000 in mortgage payments.