Canada’s housing market is “especially vulnerable” to a major correction, The Economist says in its latest roundup of global real estate.

The magazine’s dire prediction comes as Canada’s mortgage brokers’ association is warning that the recent slowdown in home sales will continue and lead to large-scale job losses -- though some parts of the country will continue to see growth in housing and related employment.

“A large bubble now looks set to burst,” The Economist predicts in its property markets report.

The U.K.-based business periodical found house prices in Canada are overvalued by 73 per cent when compared to rental prices, and 32 per cent overvalued when compared to household incomes.

Home sales in March were 15 per cent down on a year earlier. Buyers are in short supply. A recent poll showed that only 15 per cent of Canadians are likely to buy a home in the next two years, down from 27 per cent last year — the steepest decline in the 20-year history of the survey. After a big boom, the housing bust will be a wrenching affair.”

Meanwhile, the Canadian Association of Accredited Mortgage Professionals (CAAMP) issued a forecast Wednesday calling for a 25 to 30 per cent decline in home sales by 2015, resulting in 150,000 lost jobs related to the industry.

“Until now, housing has played a major role in the recovery from the 2008/09 recession. That economic driver is disappearing as we see housing related jobs dry up and consumer confidence erode at a time when the national recovery is struggling to pick up steam,” CAAMP chief economist Will Dunning said.

The group predicts a 50-per-cent decline in housing starts in the Greater Toronto Area, leading to a loss of 35,000 jobs by 2015. It expects Vancouver’s housing starts to drop by a third, resulting in 7,500 jobs lost.

However, CAAMP did see bright spots in the market, particularly Calgary and Edmonton, where it expects to see a modest increase in housing starts and job gains of about 2,500 in both cities.

Not all is doom and gloom in Canada’s housing market, though.

In numbers that seem to contradict those cited by The Economist, BMO put out a survey Wednesday showing the percentage of people planning to buy a home in the next five years remaining steady at 45 per cent.

Most of Canada’s major bank economists have declared a “soft landing” for the market, meaning they don’t expect wide-scale price drops to follow the slowdown in sales over the past year.

But Dave Madani of Capital Economics, which has been bearish on Canada’s housing market, said it’s too early to call a soft landing.

We don’t expect prices to rebound this year,” he said at the Bloomberg Economic Summit in Toronto, predicting that the slowdown is just beginning.

While CAAMP’s Dunning and other economists lay the blame for the slowdown on Finance Minister Jim Flaherty’s mortgage rule changes last year, others say Canada’s residential property market was on an unsustainable path and would have had to readjust one way or another.

Phil Soper, CEO of Brookfield Real Estate Services, told the Bloomberg conference the mortgage changes didn’t have a “dramatic” effect on the market. He predicted the market would come in for a soft landing.

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  • Quebec: $9.8 million

    The most expensive house for sale in Quebec is located in the suburb of Laval, on the shores of the river separating it from the island of Montreal. The house has six bedrooms and eight baths on 9,800 square feet of land.

  • Quebec: $9.8 million

    The house features a heated inground pool.

  • Quebec: $9.8 million

    A very ornate living room.

  • Quebec: $9.8 million

    The dining hall.

  • Quebec: $9.8 million

    Twin staircases flank the lobby.

  • Quebec: $9.8 million

    The kitchen features a large island.

  • Quebec: $9.8 million

    A spacious bathroom.

  • Quebec: $9.8 million

    The media room.

  • Quebec: $9.8 million

    The wine cellar.

  • New Brunswick: $1.9 million

    A custom-built, 8,300-square foot home with four bedrooms on three acres of land in Shediac Cape. The house features its own elevator.

  • New Brunswick: $1.9 million

    A fully equipped gourmet kitchen with large centre island opens to breakfast room.

  • New Brunswick: $1.9 million

    Vaulted ceiling adorn the main room, and the entrance foyer features inset ceiling lights and a chandelier.

  • New Brunswick: $1.9 million

    Dining room.

  • New Brunswick: $1.9 million

    The second floor offers magnificent master suite with sitting area adorned by propane fireplace, access to balcony, dressing room, luxurious ensuite and guest room/bedroom with ensuite.

  • New Brunswick: $1.9 million

  • Nova Scotia: $6.7 million

    This two-year-old property on Ketch Harbour near Halifax has three bedrooms and four baths, made from high-grade Italian limestone. But the property doesn't seem to be selling; it was the most expensive property for sale in Nova Scotia the previous time HuffPost compiled this list, in October, 2012.

  • Nova Scotia: $6.7 million

    A slick, modernist bedroom with stunning views.

  • Nova Scotia: $6.7 million

    Stunning views of the ocean.

  • Prince Edward Island: $6.9 million

    Located above the bluffs of P.E.I.'s stunning North Coast, this house features six bedrooms and nine baths, and clocks in at a stunning 13,360 square feet.

  • Prince Edward Island: $6.9 million

    The kitchen is a blend of rustic and modern.

  • Prince Edward Island: $6.9 million

    The study.

  • Prince Edward Island: $6.9 million

    A bedroom with fireplace.

  • Prince Edward Island: $6.9 million

    Upper levels open on to the great room.

  • Prince Edward Island: $6.9 million

    A spiral, three-story staircase.

  • Prince Edward Island: $6.9 million

    A snug bedroom with fireplace.

  • P.E.I.: $6.9 million

    Take the virtual tour.

  • Newfoundland: $1.95 million

    This lime green, six-bedroom, nine-bath house just outside of Corner Brook is the most expensive property for sale in Newfoundland. The two-story, 6,000-square-foot house features a walkout basement that offers access to the back yard.

  • Newfoundland: $1.95 million

    The main floor has a floor-to-ceiling fireplace.

  • Newfoundland: $1.95 million

    The realtor describes the gourmet kitchen as a "chef's dream."

  • Newfoundland: $1.95 million

    "Cathedral ceilings" top the second floor.

  • Newfoundland: $1.95 million

    The back yard.

  • Ontario: $19 million

    The most expensive house for sale in Ontario is a condo in Toronto's posh Yorkville, in new building across the street from the Royal Ontario Museum. Suite 1400 at 155 Cumberland Street has four bedrooms and five bathrooms on two stories, with tons of balconies and verandas surrounding the whole thing.

  • Ontario: $19 million

    Swank terraces adorn the building.

  • Ontario: $19 million

    The unit has 5,000 square feet of terraces, and a pretty nice view.

  • Ontario: $19 million

    The second floor.

  • Ontario: $19 million

    Looking south towards the downtown core.

  • Manitoba: $4.3 million

    A custom-built, 7,851-square foot home with five bedrooms and nine baths in Winnipeg's Ridgedale neighbourhood.

  • Manitoba: $4.3 million

    The great hall.

  • Manitoba: $4.3 million

    The living room.

  • Manitoba: $4.3 million

    A very post-modern entertainment room.

  • Manitoba: $4.3 million

    The games room.

  • Manitoba: $4.3 million

    A rustic kitchen, despite all the amenities.

  • Manitoba: $4.3 million

    Now that's a bathtub.

  • Manitoba: $4.3 million

    The gym.

  • Manitoba: $4.3 million

    The view from the back.

  • Saskatchewan: $2.8 million

    This is the only image we have of the most expensive property for sale in Saskatchewan, as the seller has not provided any other photos. The realtor describes this five-bedroom, six-bath house on 4,300 square feet near Saskatoon as a "must see property." We'll have to take his word for it.

  • Alberta: $12.7 million

    Six bedrooms and eight baths in this house located in the scenic mountain town of Canmore. The house was an Architectural Digest showpiece.

  • Alberta: $12.7 million

    Vaulted ceilings in the great room.

  • Alberta: $12.7 million

    The kitchen.

  • Alberta: $12.7 million

    A hidden staircase leads to the wine grotto.

  • Alberta: $12.7 million

    The media room.