However it's not all bad news:
“In keeping with the return of a balanced housing market and typical demand-driven housing market cycle dynamics, prices will remain stable,” he said. “Canada’s solid mortgage market trends, conservative lending practices, and prudent borrowing by homebuyers means that Canada will avoid the massive realignment in housing supply and demand being experienced in the United States. Accordingly, Canada will avoid a U.S.-style housing price correction.”
-Mike Smith is a REALTOR® in Halifax, Nova Scotia with Family First Realty and can be reached at 902.209.6745 begin_of_the_skype_highlighting 902.209.6745 end_of_the_skype_highlighting.