You may be able to cut some of your driving, but you are probably going to see some impact in terms of spending in other areas.

Looking past the short-term price risk inherent in essentially any asset -- real or financial -- there is little doubt that housing represents a good long-term investment. Since the mid-1950s, real home prices in Canada have increased, on average, just over two per cent per year . Of course, home ownership also carries intrinsic value beyond its investment potential, including lifestyle benefits.

This is definitely good news for consumers ... a 32-year-low is a very impressive figure.

Looking past the short-term price risk inherent in essentially any asset -- real or financial -- there is little doubt that housing represents a good long-term investment. Since the mid-1950s, real home prices in Canada have increased, on average, just over two per cent per year … . Of course, home ownership also carries intrinsic value beyond its investment potential, including lifestyle benefits.

We anticipate a gradual moderation in the pace of appreciation as demand slows and supply comes into better balance. This would be consistent with the relatively orderly cooling off currently underway in several international markets.

We are going to have to live with high energy prices for some time. It may be a new reality.