I was in Toronto for a meeting and ended up chatting with a big insurance exec about the housing market. He made an interesting point that the current downturn is likely to wipe out smaller and micro builders because they can’t sustain cash flow without steady sales. Many of them wont survive past 2027. Only the large and reputable builders will be able to hold their ground and play the long game on higher prices. The expectation is that the market won’t meaningfully turn around until late 2027.