A good discussion in the Financial Post video below where Deloitte predicts that the housing market pause will persist.
In my opinion a balanced and stable market provides some degree of predictability for both buyers and sellers. In the absence of market frenzy, the silver lining is that buyers can take their time to shop around for a home that really fits their needs and wants. More importantly, buyers can properly do their due diligence before or while making an offer. This includes incorporating subject clauses that serve this purpose such as title searches, financing approval, property inspections etc. This is a good thing considering this is the single largest transaction that most people make in a lifetime.
The forecast for a slower housing market into at least the first quarter of 2024 means that buyers and sellers can make thoughtful decisions around their housing transactions. This is what 'normal' should look like.