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I don't see the housing market cooling off, in most areas. Companies that manufacture products used in home building have consistently commented on underbuilding since the GFC. The current market is a result of a sustained period of underbuilding - the market has tightened up and buyers are feeling it. Supply of new houses has not kept up with the increased demand from population growth, foreign immigration, net of properties demolished, condemned or otherwise taken out of viable housing stock. Add to this, changing preferences (urban vs suburban vs rural) means insufficient supply is needed, where it is being demanded.
Separately, and in conjunction with supply-demand dynamics, are low interest rates.
The only moderating factor that I see is lending standards.
This has been commented on several times by several posters on this thread and others.
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