RE:"Colossally high..." Redcoats, you have been wrong for a number of years now. What makes you believe that Canada's housing market is about to improve this year? If your news source is Globalnews, then I'm afraid you are delusional.
The truth is that people are listing their homes because their debt servicing costs are through the roof. In the US, homeowners are tied to their property because they are reaping the benefit of a low 30 year fixed mortgage, There is no urgency to refinance unless you have major debt issues. Canada, on the other hand, has been in a recession for at least the second half of 2023. If the unemployment increases much further, and people lose faith in their own employment, I can assure you there will be no recovery in 2024.