Real Estate Warning Shot?

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Dramatic declines in the price of cottages. Not too long ago, families dancing on the line between comfortable and wealthy gobbled up cottages at super low interest rates. As the rules of planning indicate when money becomes an issue, the first to go is the saving, the next is the luxuries. That would be cottages and nice cars. The next is the necessities. Let us see if this is an omen of things to come for the traditional housing market. By the way, I am showing BMO offering a 5yr insured CMHC mortgage at 5.54% which is 5 basis points higher than last week, so still trending higher.