Some Canadian cities Real Estate prices to drop next year!

Winnipeggers are about to witness something one local housing official says they haven't seen in more than two decades -- a drop in housing prices.
In a special report issued Wednesday, one chartered bank says Canada's resale-homes market is poised for a moderate correction in 2012 and 2013, and Winnipeg won't be spared.
It predicts Winnipeg's average selling price will peak in the third quarter of this year at $245,000, drop by 7.8 per cent over the course of 2012 and the first half of 2013 to bottom out at $231,000, then level off.
Although that might shock homeowners used to seeing double-digit price increases for much of the last decade, prices will basically return to 2010 levels.

Cities like Vancouver (-14.8 per cent), Toronto (-11.7 per cent), Saskatoon (-11.1 per cent) and Ottawa (-8.3 per cent) will see even bigger price drops over the next two years. Winnipeg's declines will be well below the national average decrease of 10.2 per cent in sales and 15.2 per cent in prices.