Canadas housing market not out of the woods yet warns Scotiabank

TORONTO — Housing prices in Canada have been relatively flat so far this year but there’s a “downside risk” going forward, according to a Scotiabank report.In particular, Scotiabank’s quarterly study on global real-estate trends says Toronto’s housing market is seeing slower sales and construction.It says Toronto residential real estate prices are also beginning to level out — especially in the condominium market where there’s an ample supply.The report says the rebalancing will be manageable if new construction slows and population in the Greater Toronto Area continues to grow.Scotiabank says housing starts in the Toronto area totalled just 28,900 units in the first four months of 2013, down about 40% from last year.Internationally, the report finds Canada and Australia at mid-point between countries such as Colombia, the United States and Chile where prices have been rising and places such as Spain, Italy and Ireland where prices have fallen. read more