The theoretical minimum for the housing market is 80% off peak, because the median down payment is 20%. Where I live houses are already down over 20% and variab

The theoretical minimum for the housing market is 80% off peak, because the median down payment is 20%. Where I live houses are already down over 20% and variable rate mortgage triggers are just starting to fire. I could see us approaching more like 40-50% off peak if the FED/BOC/BOE continue to hike.