I have seen a couple of very good estimates and they are wildly different. They're from two very respected people: Don Drummond, in a presentation he gave last week from TD Bank, estimates that they're about 10% away from the bottom. However, the analysis from Schilling in the States, who is a well-known mortgage and realty economist, estimates there's another 20% decline, so it's somewhere between a 10% and 20% decline. He's predicting a 37% decline on average across the United States from peak to trough. These are staggering numbers.
On March 24th, 2009. See this statement in context.