Get set for the great Canadian housing market correction. At least according to one prominent economist.

Home prices are overvalued, and the real estate market is looking at a correction of at least 20 per cent in the future, says Bay St. guru David Rosenberg.

“The question is not whether home prices slide especially in bubbly Toronto and Vancouver, but just how much froth is there to come out,” David Rosenberg, chief economist for Toronto-based investment firm Gluskin Sheff + Associates, said in a report Friday.

“It would not be out of the realm to see a correction, using nationwide average home prices as the benchmark, of at least 20 per cent.”

Read the full article, “Canadian housing market correction in the cards, says economist” in the Toronto Star (April, 24, 2010).

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