Are you guys going through the same thing the US is right now? Are home prices falling?

The Canadian housing market is nowhere near the free fall that is being seen in the US. Sub-prime mortgages in Canada were rare compared to the US. The national housing prices ended up pretty much flat in 2008 and analysts believe prices will drop about 5% nationally by the end of 2009, with larger price drops in major cities. Analysts attribute the price decline on lower consumer confidence which translates to fewer homes being sold. There has not been a marked increase on mortgage defaults in Canada like there has been in the US.