During Covid it spiked up to $1700, crashed back down to the mid-$400s and spiked back up to over $1400 before stabilizing in mid-2022 where it has been in the range of $450-$500 since. 

Lots of good information here -- just remember that during last housing crash, a lot of HELOCS got frozen, useless to those who counted on them or actually harmful to those who had a big balance and had to keep paying it monthly without getting to use it as they planned. 

So how do home prices fall in a real estate crash?

For example, if this covid situation crashed the economy and $400,000 homes are now selling for $150,000 then I would take on debt to buy as much as possible. 

If they keep inflating prices and loose buyers, then it will all crash when you're sitting on inventory and nothing sells.

If I had investment property here I would sell or try to hold until the crash and 1031 into something else. 

After the crash of 2007 (where I happened to sell my home at the top of the market) I found a foreclosure selling for 33% of original value.

Remember when it crashed it CRASHED hard.. rural Oregon in many areas has 20 to 30% unemployment almost as Bad as Detroit.

Couple of differences between Canada and the US from your two posts-we didn't have the housing crash that happened in the US about 15 years ago. 

I have also heard for the past 10 years or more that the DFW would crash big time.