Will Toronto prices fall?  There may continue to be an adjustment in prices, but I do not believe prices will catapult downwards.  The Toronto area has a shortage of housing and the highest immigration numbers of the country.  See the Scotiabank Housing report below.

https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.housing.housing-note.housing-note–january-12-2022-.html