Baby boomers may start dumping housing stock very quickly if prices start to fall as they are due to retire and want to avoid risk. So will depend if there is enough demand purchase. Also they may downgrade to cheaper regional areas releasing city stock.
I feel a huge crash unlikely though as long as employment is strong. Also I think the qualiy of our buildings is poor and the demand for expensive tradesmen to maintain property out of reach for many mortgage holders so many properties will lose value through neglect. Already see shabby everywhere.
So bubble that may slowly deflate rahter than burst but who knows. I would be selling real estate now rather than buying it.
