Report shows home prices rose 4.8% in the third quarter
One of the biggest concerns is the condominium market
The decline was much deeper than economists had expected
The European sovereign-debt crisis and the downside risk for economic growth have contributed to keeping interest rates at low levels
Urban single-house starts were down 9%
Market has shifted to a more balanced position as listings have increased and prices are expected to remain flat
Some economists see signs of overbuilding in Canada’s housing market
Expect a softening in housing starts as home prices moderate and the Bank of Canada resumes its tightening cycle
Analysis predicts prices will likely fall by 25% over the next few years