Most of the alarming headlines are national. CREA reports on a Canadian aggregate dominated by Ontario and British Columbia, where prices ran much further and have corrected further. Saskatoon never had that run, so it has less to give back. Sales here came in 6.6 percent above the ten year average for the month even as new listings rose 12.3 percent.
Your equity only changes when you transact or borrow against it. A paper dip does nothing to a mortgage you are paying down, and a paper gain does not spend either. What matters is the spread between what you sell for and what you buy, and in a rising market that spread moves with you if you are staying in the same city.
The real risk to a downsizer is not the market, it is mispricing your own house. Decades of improvements made without a permit do not exist in any public record, so an automated estimate can understate what you own by a meaningful amount and you would never know. Joel Dyck's hand-reviewed valuation counts the work that was actually done.