© REUTERS/Mark Blinch

Many in Canada’s real estate industry have recently declared that Canada’s housing markets have achieved a “soft landing” after the slowdown earlier this year. But a new report from CIBC says the correction is not over yet — a bad sign given the country’s economy has become more dependent on residential real estate than it has ever been before.

The report comes as the Canadian Real Estate Association (CREA) says home sales and prices fell again in Canada in November, dragged down by slower activity in Toronto and Vancouver.