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Canada's hot housing market is cooling but it's still outperforming other developed countries around the world, according to a new report from Scotiabank Group.
"While Canada's hot housing market also has begun to cool, it remains a notable outperformer," Adrienne Warren, senior economist at Scotia economics, wrote in the report.
Warren says the rise of economic uncertainty around the world -- ranging from a sovereign debt crisis in Europe and persistently high unemployment in the U.S. -- will negatively impact Canada's housing market.
"Ultra-low interest rates will continue to support affordability in the face of record high prices," she says. "Nonetheless, heightened economic uncertainty combined with recent signs of a loss of momentum in Canada's jobs market could keep some potential buyers on the sidelines for the time being."
"On balance, we anticipate a modest slowdown in the volume of sales transactions heading into year end, alongside relatively flat prices," she concludes.
Warren's prediction of flat Canadian home prices come as a number of other commentators and economists predict a slowdown for the country's real estate sector, which avoided the major pullback seen in many other countries, particularly the U.S.
Former Bank of Canada Governor John Crow recently told BNN that housing will likely contribute less to Canada's economy moving forward.
"Housing and housing activity maintain the economy, very much so compared to the United States, and that's probably peaked," he said. "How far or how fast it will go off the boil is one of the interesting questions."
TD also released a report earlier in the summer calling for a slowdown in Canada's real estate sector.