The Globe and Mail reported yesterday that the Canadian real estate industry is in for a correction, not an outright collapse.

For what it’s worth, if it is only a correction it is deep correction.  Cosider Calgary alone, since the peak the average sale is down  almost 17%, if according to many economists and Royal Lepage we may see as much as a further 10% down in 2009.  That is 27% over two year, that is a deep correction.

As I have said before we will be in a better position to forecast the health of the Calgary Market after we see how much “bounce-back” in listings inventory happens.