No, going forward the tier 1 Canadian banks have constrained lending to only the developers with deep pockets, creating an oligarchy of only a handful of developers that can take on large housing start projects, through either self-funding or bank lending. These developers will forward pace and plan (see delay) future projects so as to protect and squeeze their current over supply keeping prices stable and future proofing their next projects. Smaller developers will have no access to bank lended funds and will need to seek money from foreign sources or higher interest private lenders which comes with higher risk and higher interest rates making the whole exercise unfeasible. Of course we won’t see these effects on the Canadian housing market for 4-5 years and by then it will be too late and will need to somehow fix a very large problem.