The other reason being that from what my friends who invest in the china stock market have told me, the small individual investors who got in late are the ones hardest hit, however this is not the demographics that has the means to buy houses in the USA. 

This is just above bicycles, where China was when Nixon visited.

This past week, hundreds of people spent days in line ahead of the Saturday pre-sale for a new condo development on the waterfront in the False Creek (Vancouver BC) area.Those who couldn't commit to camping out themselves hired somebody to do the waiting for them.Chris Malkin and his team camped out for a week, representing out-of-town buyers and those who didn't have the time to stand in line.Malkin, who says he has clients from Victoria, Seattle, and even mainland China, described the condo-buying frenzy as "fun, exciting, but insane."

I agree rates will go up a skosh but wth so much EU uncertainty and issues in China I see a moderate increase.  

I think it has been over valued for awhile and the currency manipulation in China has a large effect on everything as well.

In other words, "China is now exporting there burst bubble to Canada,  Toronto developers actively looking to pump more hot air in an already over inflated market."

IE tie up property stick it on Craig's list with pic's and all or on their websites ... then why even have a licensed RE industry at all we would just all run around doing what we wanted  Like the old days.. and like present day China which requires no licensing. 

Walls were baltic gray and trims were China White. 

I'd look over the title policy and hope for a flaw and/or use the remaining time trying to salvage the situation.Get ready to take this on the chin as part of your learning curve.

The other thing to keep in mind the in migartion from CA is more of a brain drain.. and the folks coming in from CA were highly qualified , had money ( sold their CA home and cashed in) and basically pretty good people  ( I am one LOL). and a lot of other states.. we have a lot of labor that came from Mexico.. but also a lot of white collar professionals from India and China.