I'll post some anecdotal data from a layperson - me - with nothing to sell but is a solid market observer.  I've had occasion to walk our neighborhood in mid-town central Toronto in 45-60 minuite circuits a number of times over the last 15 days.  I did so earlier today as well.  

A large number of homes were listed 15 days ago, coming on very quickly in a bit of a wave when people absorbed the fact the market might be moving a bit.  

Homes in this area are quite expensive (low would be $1.6M unless they are semis).   We looked up a number of the selling prices and noted how high they seemed despite the wrinkles thrown in to the marketplace.  

With one (overpriced) exception out of 25, every one of these homes has been sold in 10 days or less.  It's anecdotal but useful data on core Toronto.  If people want to live somewhere they desire, they pay the piper until a big step change affects the market.  Then herd psychology takes over and all bets are off!