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Canada: Cooling in housing market seen as ‘healthy’

Posted on 14 January 2013

The sharp year-over-year decline in national home sales that weighed on the housing market through the second half of 2012 persisted right through to the new year, the Canadian Real Estate Association is expected to report Tuesday when it releases December’s figures.
Observers now expect the softness to continue into 2013, and foresee the decline in sales causing price growth to stagnate. But many suggest this is a healthy phenomenon: if prices hold flat for much of the year while the economy and incomes continue to grow, that should remove some froth from the market, decreasing the chances of a more significant correction when interest rates ultimately rise and eat into affordability………………………………………..Full Article: Source


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