Canada Mortgage and Housing Corporation is predicting home prices and sales will fall from last year's levels by December.
But the federal housing agency says the declines won't blunt much of the market's heat.
Chief economist Bob Duggan says home ownership will be less affordable in the near-term because of higher mortgage rates and high price levels.
He also expects rental affordability will likely decline as well.
British Columbia Premier John Hogan says he'll resign after the New Democratic Party holds a leadership review in the fall. He says he is cancer-free and continue to serve in the role of Premier til a new Premier is found.
In its first report on Canada's "overall tax gap" released Tuesday, the CRA estimates the net tax gap for those five years, or the amount of the money owed to the government that it did not actually collect, totalled as much as $111.2 billion.
A statement from bureau vice-president Aaron Sutherland says debris removal is starting on insured properties in the village, raising hopes that Lytton will "soon return as a thriving community."
Police in Saanich, B.C., near Victoria, say multiple people have been injured after an exchange of gunfire between suspects and police officers. Police are asking the public to avoid the area.
In B.C., the heat wave that pushed the mercury to the low- to mid-30s for three days has ended but severe thunderstorm watches are posted for the central and southern Interior.
The passengers of the vehicle were identified and released pending further investigation. The 25-year old female driver remains in custody on a number of firearms related charges and the investigation remains ongoing.