FINANCIAL POST - Are Stubborn Sellers Killing the Real Estate Crash

Like many others, Toronto public relations manager Megan Vickell is sitting on the real estate sidelines dreaming of bargains to come. The 28 year-old has never owned a property and is hoping to scoop up a discounted Toronto condo when prices fall off of today's frothy record highs.

"I'm waiting for that bubble to pop that everybody is talking about so I'm not sitting there owning condo n the city that later everbody else has for a much cheaper price," said Ms. Vickell.  "I mean look at everything that's being built, who is going to live in all those?  There's lots of beautiful spots out there."

You can't blame her for wanting to wait.  Research frim Urbanation Inc. says Toronto's average condo prices climed to as high as $407. per square foot in in 2012, a sharp rise from the $229. per square foot fetched in the first quarter of 2003.

The picture is not much different nationally.  The average sale price across the country was $364,260 over the first 11 months of 2012, according to the Canadian Real Estate Association.

The one thing missing from the market, for all those people looking for a crash, is a catalyst or an event that will force people to reduce their asking prices.  Before this housing market burns up in flames, it needs some type of spark.