In response, the government tightened mortgage lending rules four times, and after the latest intervention, in July 2012, the property market cooled markedly. The market bounced back this spring and has since appeared to stabilize. But housing is still seen as overvalued in some areas, spurring the question of whether any downturn will be sudden or gradual. Most economists at Canada’s major banks see the market staying stable in the medium term. Separately, Statistics Canada said on Thursday its new housing price index climbed 0.2 percent in July from June, beating market expectations of a 0.1 percent gain and bringing the year-on-year increase to 1.9 percent. Calgary saw the biggest 12-month jump in new home prices, 5.8 percent, since December 2007.
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Housing privatized at six more bases
The company also will build 1,300 new homes and renovate hundreds more. Burleson said Corvias made the decision on whether to renovate, build or both based on the quality and condition of the homes. Corvias will build new community centers at each of the bases. The centers usually include a resort-style swimming pool, lounge, meeting space, a fitness center, a media room, childrens playroom and a computer lab, according to newsletters that went out to residents.
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