VANCOUVER–Canada's housing market is about half way through a cyclical downturn that began in late 2007, says the president and CEO of Royal LePage Real Estate Services.
"Starting back in the end of the third quarter of 2007 we saw unit sales peak in Canada and we've been in a downhill slope ever since," said Royal LePage's Phil Soper said Thursday in an interview
"We're in the fifth quarter of correction now."
Soper said he expects unit sales to flatten at the end of this year or in early 2010.
While the general public is focused on home prices, the real-estate industry concentrates on sales activity and revenues, he said
