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It's official -- no housing bubble!

Apparently, Canada's minister of finance (Jim Flaherty) today stood in the Chamber (House of Commons) and declared that there is "no housing bubble in Canada", there cannot be because interest rates are low.

On another note, Today the Teranet - National Bank Housing Price Index came out for September 2010, and there's been small correction in the Canadian housing market, its down 1.1% across the country:


Canadian home prices in September were down 1.1% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The monthly decline ended a string of 16 consecutive increases in the composite index since the last monthly deflation in April 2009. For the first time since February 2009, prices fell in all six of the metropolitan markets surveyed. The declines were 2.4% in Halifax, 2.2% in Calgary, 1.6% in Toronto, 0.5% in Ottawa and 0.3% in Montreal and Vancouver. For Vancouver it was the third consecutive monthly decrease and for Calgary it was the second.
This result was reflected in a further deceleration of the 12-month price increase in September, to 7.9% for the composite index. It was the third consecutive month of deceleration, leaving the 12-month rise the smallest since last January. The 12-month increases range quite widely from market to market: 9.2% in Vancouver and Ottawa, 9.0% in Toronto, 7.6% in Montreal, 3.6% in Halifax and 1.7% in Calgary.


From Teranet-National Bank House Price Index 


So maybe not overpriced, but there can be housing movement.  Frankly, housing prices are high in Canada, but so is national income...

Only time will tell

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