TORONTO - One of the country's big banking groups has issued a report saying that a cooling in Canadian house prices may not be all bad news.

The CIBC World Markets says the slowing of Canadian home sales will "take a bite" out of economic growth but adds there could be "winners as well as losers across the economy."

CIBC economist Avery Shenfeld recognizes that a home owner may have to lower retirement spending if the property brings in less money when it's sold.

On the other hand, Shenfeld says, first-time buyers may welcome a letup in home prices and may have more money available for retail spending.

It's the latest in a series of CIBC reports that downplay some of the concerns about the potential for a devastating U.S.-style crash in residential real-estate.

More pessimistic analysts have warned some types of Canadian real-estate in some markets are overpriced and at risk of tipping into a rapid decline.

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  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Newfoundland: $2.5 Million

    This surprisingly modest house at 34 Battery Road in St. John's is a historic property dating back to the 1870s. The six-bedroom, 3,500-square-foot house overlooks St. John's Harbour and suggests that, on the Rock, even the wealthy are down-to-earth. Source: <a href="http://remax.nf.ca/">Re/Max</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • Prince Edward Island: $6.9 Million

    If Anne of Green Gables were around today sh'ed probably want to switch up her seven-gabled house for this 13,000-square-foot home that overlooks the red-earth bluffs of P.E.I.'s north coast. Six bedrooms and nine bathrooms feature in this house that sits on 11 acres of land. Source: <a href="http://www.century21pei.com/">Century 21 Northumberland</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • New Brunswick: $2.5 Million

    You can really get some space for your money in New Brunswick. This 20-bedroom, 11-bathroom resort in Alma, N.B. — composed of three buildings including a chalet — sits on no fewer than 450 acres of land, next to Fundy National Park. There is a 40-acre man-made lake on the property, as well as four islands, picnic areas, row boats, paddle boats, tennis courts amd two garages. Source: <a href="http://www.monctonroyallepage.ca/">Royal LePage Moncton</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Nova Scotia: $6.7 Million

    This newly-built, 6,000-square-foot house in Ketch Harbour, N.S., sits on the granite shoreline of the Atlantic Ocean and features "a series of interlocking pavilions constructed of reinforced concrete and window walls of star fire glass to capture the amazing, endless ocean views," as the realtor describes it. Only three bedrooms in this house, but what a view. Source: <a href="http://www.tradewindsrealty.com/">Tradewinds Realty</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Quebec: $18.9 Million

    The realtor selling this property suggests you may want to build a heliport to get to this 200-acre estate located in a secluded corner of Quebec's eastern townships. There are several houses on this site, the main one being built in 1927. Another building is described as a "three-season chalet" and is located next to the 120-foot dock on Lake Mephramagog. The property features multiple garages, including a 40-foot-long one. The whole place is so ritzy that a barn on the property was declared a historical site. Source: <a href="http://passerelle.centris.ca/Redirect2.aspx?CodeDest=JMONTANARO&NoMls=MT10764029&Source=WWW.REALTOR.CA&Langue=E">Centris</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Ontario: $17.9 Million

    This six-bedroom house sits on the shores of Lake Ontario in Oakville, near Toronto. Situated on 3.2 acres, it has 185 feet of waterfront and a boat house. The property features a triple car garage, a foyer of Italian limestone and a two-story living room. Security cameras can be controlled by way of a security panel. And the view from the back-yard pool can't be beat. Source: <a href="http://www.remaxaboutowne.com/">Re/Max Aboutowne</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Manitoba: $2.9 Million

    That this 6,000-square-foot house is listed at $2.9 million is a testament to the (relative) affordability of Winnipeg real estate. "On entry you are greeted by an impressive foyer, soaring ceilings, curved staircase and grand principal rooms that are perfectly suited to entertaining," the realtor fawns. The four-bedroom house features an office and a media room, among many other amenities. Source: <a href="http://agents.royallepage.ca/winnipeg">Royal LePage Dynamic</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Saskatchewan: $2.7 Million

    Four bedrooms, seven bathrooms and three outdoor decks feature in this 4,600-square-foot home in Saskatoon. The coolest feature in this house may be the split staircase to second floor. The basement media room features an ornate bar and a huge projection screen. Source: <a href="http://www.suttonsaskatoon.com/">Sutton Group Saskatoon</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • Alberta: $12.7 Million

    This house, featured in Architectural Digest, sits in beautiful Canmore, on the edge of the Rockies, and has six bedrooms and 10 baths. The property features multiple "outdoor living rooms" (think ornate decks) to enjoy the view. For those into medieval intrigue, there is a hidden staircase running to the underground wine cellar. Source: <a href="http://www.rlfoothills.com/">Royal LePage Foothills</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>

  • British Columbia: $34 Million

    The most expensive house in Canada's priciest (and fastest-falling) real estate market features four bedrooms and six baths on 8,500 square feet, as well as a very cool boat house. But in a sign of the weakening of Vancouver's housing market, this property in ritzy West Vancouver has been on the market for some time — it featured as the most expensive house for sale in all of Canada the last time we put together this survey, in June 2012. Source: <a href="http://www.angellhasman.ca/">Angell Hasman Realty</a>