You will notice in the outliers inventory is much more normalized.You could have made that same argument in 2006 just before prices collapsed by 30-40% in LA, so there is more to the picture than just population increase vs lack of new housing supply.  

When the stock market and real estate market were collapsing, instead of running with the crowd and selling the assets I had, I went on a buying binge and I am incredibly better off for doing so.  

I would like to hear from several of the historians here that went through the most recent housing collapse back in 2007 through 2010 regarding what happened to their buy and hold strategy in that kind of environment. 

China stopped buying their raw materials and they collapsed along with Venezuela, Russia.

One time for a clogged drain that they said was a collapsed drain line. 

Several bidders using online mapping were feverously bidding on the property.At another sale a 3 story brick row house looked good from the front, but to see the back you had to go all the way roaund the block to access an alley to see that the entire rear wall had collapsed into the back yard and there was no rear wall to the house. 

The clay is now old enough that its shifting and collapsing and it has to be replaced. 

TD and BMO are the worst..20k a unit you getting a 1890 built that is ready to collapse..LOL   But I have to say tenants paying with Interac E transfer is a whole lot better and convenient vs the options in the US..

Crypto/gold are insurance.I'm preparing for both scenarios: A slight correction and a collapse.

Thus, I am waiting for the inevitable collapse, and "bargains galore!"