Publication: National Post, Date: Friday November 21st, 2008

Summary of Article

Canada's housing boom has ended, but the shift to a buyer's market is no reason for alarm, according to an analysis by one major bank yesterday. Another big bank contended that even the recent 10% fall in Canadian housing prices is ...  Canada's housing boom has ended, but the shift to a buyer's market is no reason for alarm, according to an analysis by one major bank yesterday. Another big bank contended that even the recent 10% fall in Canadian housing prices is significantly overstated. "We argue against taking an overly alarmist view to domestic housing prospects," said Adrienne Warren, economist and real estate market specialist at Scotiabank. "This is not a U. S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices."