The US economy also slowed down in the second quarter due to slow job growth.

Canada’s economy remains steady and RBC predicts that Bank of Canada will raise overnight rate to 1% in September and 1.25% by end of 2010.

The Canadian home resale market is projected to decline modestly in 2010 and remain flat in 2011.

For the RBC housing outlook report

“North America’s story is again darkening,” says CIBC’s Chief economist in the latest Global Positioning Strategy report. “We were looking for a material second-half slowdown for the U.S. but as it turns out, it’s already happened.”

link: A Slower World

National Post

OTTAWA — Canada led in the global housing recovery in the first quarter of 2010, but moderating global growth, heightened financial market volatility and sluggish job creation have led to a “dramatic” slowdown in Canada, according to the Global Real Estate Trends report released Tuesday from Scotia Economics.

via Canada sees ‘dramatic’ housing slowdown, global report says.

via Coming weeks inflation numbers could demand more attention.

National housing sales slowed in July, with the decline almost entirely the result of fewer sales in B.C. and Ontario, real-estate body says

via HST a prime suspect in home-buying chill – The Globe and Mail.

RBC has started off the week on a good note by dropping 2- to 10-year fixed rates by 0.10 percentage points.

Its posted 5-year fixed rate will now be 5.49%, a 4 1/2 month low.

RBC’s “special offer” 5-year rate is down to 4.09%. (RBC’s discretionary rates are in the high 3% range, like most of it’s competitors.)

If the other Big 6 banks follow by Wednesday, the qualifying rate (for variables and terms under five years) will fall to 5.49% on Monday August 23.

via Toronto condo market hits ‘down’ button – The Globe and Mail.

Australia and Canada led the pack in housing price appreciation at the beginning of the year, followed by Sweden and the U.K. The U.S., Japan and Spain all saw declines.

But Canada has had the most severe decline in pricing in the second quarter, says the bank in a report released Tuesday.

“Demand and prices have softened alongside moderating global growth, heightened financial volatility and sluggish job creation,” said economist Adrienne Warren. “The slowdown has been the most dramatic in Canada.”

via Housing market continues to cool down – thestar.com.

via U.S. home foreclosures surge – The Globe and Mail.

via Cash challenged, but a house to fall back on – The Globe and Mail.