A Near Term View from David Rosenberg, Memories of 1989 to 1996 and How to Quickly Calculate GDP Impacts

 https://financialpost.com/news/economy/home-price-plunge-recession-david-rosenberg

"...The last time all these factors were at play was the early 1990s, when Canada entered a Bank of Canada-induced recession and residential property prices fell by almost 30 per cent from their peak between 1989-1996.

While consumption is set to slow because of the multitude of factors mentioned above, the wealth effect will also contribute negatively. If home prices end up falling 30 per cent from the peak — which we view as consistent with deteriorating affordability and the uber-aggressive tightening of monetary policy by the Bank of Canada — consumption would fall about five per cent (using the central bank’s estimate of nearly six cents per dollar of marginal propensity to consume due to changes in housing wealth), and this translates to a hit of roughly 2.5 percentage points to annual GDP growth..."