I have found mario Toneguzzi to be fairly accurate and have well researched articles on real estate.
Here is one of his recent stories.


By Mario Toneguzzi, Calgary Herald                         May 27, 2009

CALGARY - Calgary home prices have seen the steepest decline in the country from peak levels, according to a new housing report released today.

The Teranet-National Bank House Price Index said house prices in the Calgary metropolitan area have fallen by 12.7 per cent from their peak in August 2007.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index, which looks at six metropolitan areas — Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax.

In Calgary, “prices have been correcting for well over a year now,” said the report.

“Calgary has shown monthly declines in 16 of the 19 months posted (since the peak), including every month from last July through March.”

Nationally, home prices have dropped by 8.5 per cent from their peak in August 2008.

Canadian home prices in March were down 5.8 per cent from a year earlier while in Calgary they were down by 8.4 per cent.

At the national level, it was the fourth consecutive 12-month decline. March was also the seventh straight month in which the composite index was down from the month before — the longest run of monthly declines since the beginning of index coverage in February 2000.

“The question is: Will home price deflation worsen in Canada to the extent it did in the U.S.?,” said Marc Pinsonneault, senior economist with National Bank Financial Group. “We do not believe so. Existing home sales were up in Canada in April for a third consecutive month while new listings continued their slide.

“As a result, the Canadian home resale market now appears balanced. Home price deflation should soon abate.”

Millan Mulraine, economics strategist with TD Securities, said the report provides “further confirmation that the correction in the Canadian housing market continued unabated in March with home price depreciation appearing to be well entrenched.”

“Moreover, with the weakening economy and weak labour market conditions expected to weaken demand, the correction in the Canadian housing market is expected to continue for some time,” he said.