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Canadian Housing Market Hits “Turning Point” – Canada Real Time – WSJ

To those who would say Canada’s real-estate market is in bubble territory, Royal LePage says it isn’t yet forecasting a pop.

But, in certain markets, the real-estate group does see some of the air beginning to seep out.

In its House Price Survey and Market Survey Forecast, released Tuesday, Royal LePage cautions the Canadian housing market is “at a turning point,” with some metropolitan areas showing robust growth, while other markets are showing price growth tapering off for the first time in three years.

It forecasts national average prices will climb 3.2% year-over-year by the end of 2012, compared to its previous forecast of 2.8%.

via Canadian Housing Market Hits “Turning Point” – Canada Real Time – WSJ.

Amazing how much the same this nonsense sounds compared with the bleating of US housing “experts” in 2006. The truth is that speculation can only drive a market so high. When first time buyers can no longer afford entry the bubble collapses, and the dynamics move quickly in the other direction. – Lee Adler

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