You haven't lived through enough cycles then.... Even 2008 saw a million people in Canada lose their jobs. The one in the early 90s was probably double that.

Besides, nobody understands what the real numbers would even be. Do you know how much of an implosion is required to return Vancouver or Toronto to "affordable" levels? Prices would need to drop something around 80-85%. That's absolutely massive, and would wipe out the life savings of 10 million Canadians, who are now going to need more government support to make it through retirement.

There are ways to fix this problem, but they need to be gradual to not end up causing more problems than they fix.