The big retraces we experience in the late 70's and late 80's didn't have a severe housing supply shortage, supply chain problems, builder shortages, massive immigration, low unemployment and Baby Boomers awash with money, KP. They were completely different dynamics. But yes, a big fall in employment numbers will probably be the catalyst for a pull-back in the RE sector. Even so, it could still be a 'tale of two cities' with the inner metro's sailing along while the outer suburbs (with all the young battlers) getting crunched. We shall see.
