The Calgary Sun has this report from Canada. "The bubble watch is on in Calgary. According to a report released by TD Economics today, the city could be experiencing a housing bubble. 'The market is so overheated at the moment and new home supply so tight that a bubble may be forming, or could easily develop,' said TD's Housing Bubble Watch. 'The speed of the rise in prices is troubling and cannot be sustained.'"

"'There is no question that the recent dramatic price gains in Calgary and Vancouver are unsustainable and that these urban centres are vulnerable to significant moderation, including the possibility of a pullback in prices,' said the report. 'If prices continue to rise at a close to 40-percent rate, affordability will quickly become a problem and fear of being priced out of the market may encourage hasty decisions,' the study said."

From CBC News. "On the whole, housing activity in Central and Atlantic Canada has cooled down without a price correction, but the Western cities are 'flashing warnings signs,' the bank said. On Thursday, Statistics Canada cited the cooling housing market as one of the reasons why economic growth slowed to an annualized rate of two per cent in the April-to-June quarter."

"'The dominant trends in housing markets outside of the West have been weaker unit sales, greater new listings and more moderate price growth,' author Craig Alexander said."

The Globe and Mail. "'There is no disputing that Canadian housing markets have been booming in recent years with extremely high levels of starts, sales and price gains in many markets,' economists Craig Alexander and Steve Chan said. 'However, TD Economics has consistently argued that Canada's real estate markets have generally lacked the degree of speculation that dominated past boom-bust cycles and the excesses have been far less than those evident than in the United States.'"

Inman News. "Monthly increases in sales activity in July in Nova Scotia and Prince Edward Island were more than offset by fewer transactions in all other provinces, particularly in Alberta, Ontario, and British Columbia, the Canadian Real Estate Association reported. A seasonally adjusted total of 39,319 homes were sold via MLS in July 2006."

"Seasonally adjusted new MLS listings reached 67,292 units in July. This represents the second highest monthly level on record for new listings, and the highest level in more than 15 years, the association reported."

"'The national residential market is now more balanced than it has been at any point in the past five years due to a marked increase in new listings in Alberta, and the return to more normal levels of sales activity in British Columbia and Alberta,' according to the announcement."

"'Transactions continue to return to more normal levels of activity and new listings are still rising, so the resale housing market remains in a period of transition,' said Gregory Klump, chief economist for the association."

The Province from British Columbia. "There are finally some clouds on the horizon for B.C.'s high-flying economy, courtesy of a stumbling U.S. economy, Jock Finlayson, of the B.C. Business Council said yesterday. U.S. consumer confidence slumped in August to its lowest level this year, according to the U.S. Conference Board."

"Finlayson said if the downturn gets ugly, it will hit the B.C. economy and may force a rethink on economic growth here. 'It is the single-biggest risk out there for our economy,' he said. 'It will depend on just how long and protracted this downturn is.'"

"'We are already seeing the impact on the lumber market, with significant price drops from the deteriorating housing market in the U.S.,' he said."

"The CanadaWest Foundation's latest B.C. Economic report..says the economy is 'in very good shape' and growth will be bolstered by strong construction activity. But it also takes note of the faltering U.S. housing market and says the forestry sector will face a 'very challenging" time along with tourism that faces the challenges of high gasoline prices, a strong Canadian dollar and tougher border restriction for U.S. visitors.'"