The Financial Post reports in its Tuesday edition that everyone connected to Canada's housing market is asking the same question as the usually busy spring market gets under way: Have we hit bottom? The Post's Garry Marr writes that declining prices have put a damper on the industry. This seemed unfathomable during a two-decade bull run when the country's housing market defied every expectation to the upside. The correction that began in 2022 -- and which has seen the average national sale price for existing homes decline by nearly 20 per cent to $663,828 from $816,720 in February, 2022 -- was not just fathomable, but inevitable. BMO senior economist Robert Kavcic says there is scope for another 5 to 10 per cent on the downside, but it depends on the market. "If you look at places like the B.C. condo market, there is still a ton of supply in the pipeline," he said. "Bigger picture is there is probably more downside into the spring, and then it will just be an environment of prices flattening out and going sideways for a long period of time. Unless interest rates fall, you will see further downside in prices to get affordability to a level to bring demand back, and we don't think interest rates will fall this year."