However, June figures showed an uplift and economists are confident that the worst is behind us.
But, as almost 1,000 job losses were announced in the energy sector Tuesday it may be that some of the effects of the downturn are yet to be seen, which may impact house prices and the ability of some Canadians to service mortgage debt.
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Figures from Statistics Canada revealed Tuesday that Canada was in a technical recession in the first half of the year as the economy declined in both quarters.