Canada not alone in cooling housing market trend

TORONTO — A Scotia Economics report says Canada’s housing market isn’t the only one losing momentum — residential real-estate markets across the developed world are dropping off.

TORONTO — A Scotia Economics report says Canada’s housing market isn’t the only one losing momentum — residential real-estate markets across the developed world are dropping off.

Scotiabank’s latest real-estate outlook says the Canadian market is in relatively healthy shape compared to others.

Senior economist Adrienne Warren says while the country’s real-estate market is cooling, it is being supported by steady job creation and attractive borrowing costs.

She anticipates sales in the second half of the year to be about the same as those seen last year.

Globally, potential buyers are staying on the sideines because of increasing nervousness over economic prospects, along with rising food and gas prices and persistently high unemployment.

Markets in Australia, Europe and the U.K are taking a step back from elevated levels reported last year.

The U.S. market has softened again after a modest pickup in sales in the past six months.