Report on Business Jan 6 '09 - article is stating we should be braced for a correction this year not an overall crash of our market in Canada as compared to the U.S. 

To quote: 
By contrast, Vancouver, which Royal LePage called Canada's “most expensive city,” will likely experience a 9-per-cent drop in average prices to $540,100 this year, the steepest decline anywhere in the country. But the correction will be a “natural cyclical reaction” to nearly a decade of above-average increases, it said.

We are in a time of change and one could argue the change was due. 

For both Buyers and Sellers, knowledge is extremely important. Your realtor must be prepared to keep up to date on changes in the market both locally and in a wider context. 

Housing Market Braces for a Correction, not a Crash