The Conference Board doesn't believe that Canada’s housing market will suddenly decline, saying the most likely outlook is for a modest decline nationally and in some specific markets, reports Metro News.

The Ottawa-based organization argues this in a comprehensive new look at the country's real estate market that the conditions for a crash are not applicable, despite numerous reports and analyses stating that the market is overbuilt and overvalued.

Instead, the report argues that new housing starts the past three years have been roughly in line with the 20-year average, with the possible exception of Toronto, one of Canada's largest markets.

“At this point in the housing cycle, there is a risk that Canadian housing prices in some market segments are due for a modest correction,” the report notes.

“Nevertheless, we believe that continued population growth, additional employment gains and modest mortgage rate increases will limit potential price declines in 2014 and 2015.”

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