This post will shows how CMHC forecasts have changed over time.
CMHC resale price forecast for Edmonton 2008
Q2 2007 $374,000
Q4 2008 $334,000
CMHC resale price forecast for Edmonton 2009
Q1 2008 $375,000
Q4 2009 $335,000
CMHC resale price forecast for Calgary 2008
Q2 2007 $473,000
Q4 2008 $405,000
CMHC resale price forecast for Calgary 2009
Q1 2008 $450,000
Q4 2009 $406,000
The change in a single quarter for Vancouver 2009 is more stunning:
CHMC resale price forecast for Vancouver 2009
Q3 2008 $645,000
Q4 2008 $535,000
Data is from CMHC Housing Market Outlook
See previous posts here and here
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