Entrepreneurship in Canada outside of RE is often looked down. It is annoying to see everyone go behind this extremely unintelligent, unsustainable way of making money. If it goes down, it will be a good thing to see, BUT investors can hold out 3-5 years worth of stagnation though. Considerable people around me are neck deep into this RE market, but they also have a million dollar cash lying around to hold even during the toughest time. They are ready to play the 10 year game(and win it too!).
Once TFWs stop coming in mass numbers(which doesn't seem to be happening anytime soon), LMIA frauds and overleveraged RE investors will take a hit. Canada needs real entrepreneurs, not these investors who are good for nothing for this country. I recently talked to someone who opened not one but 4 new businesses this year just to get 3-4 LMIAs per business and make that $25k/LMIA and not to mention they can get away without paying wages(or getting wages back). When I confront them, they don't give a shit saying "everyone is doing it". Same thing with 5 in a 1bedroom basement - "everyone is doing it". Reported them to CBSA, but looking at what I saw with my other reports, I don't expect anyone to get back to me even after a year or so.
Once the exploitable segment(students and TFWs) go away, things can cool down. But at best, we are looking at maybe 10% reduction in new students per year, not 50% or higher. Expect a few more years of this to stay if something doesn't change here soon.