Suburban Slump

There has been a great deal of discussion lately regarding the devaluing of suburban property if gas prices continue to rise. Global News reported today that homes in the suburbs could see a significant drop in value if gas prices hold for an extended period in the $1.50 range.
What does this mean for Hamilton? For starters, the subdivision building-boom in Ancaster, Stoney Creek, Flamborough, and parts of the Mountain may come to a grinding halt over the next five years. Some pundits are already referring to Canadian suburbs as "the next ghost towns;" a trend which has already been observed in several US cities. While suburban property may be cheaper per square foot in some cases, the cost of commuting (even from rural Ancaster to downtown Hamilton five days a week) has some prospective home owners looking inward rather than outward.
What do you think?