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.
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