image from here
It's probably not news to you, but the BoC cut the prime rate by a quarter point today. I'll bet that all those that scrambled for pre-approval and bought over-priced shacks in the summer will be happy that they did so.
I have read rumours (no links) that the BoC will be cutting rates by another 3/4 of a point before a year has passed. Smoking, impervious economy and all, y'know.
It will not save this (or other) doomed market(s) though, the writing has been on the wall for a while (4 years...), and I believe that the psychology has changed. There will still be sales - there always will be - but for less and less until purchase prices catch down to rents.