Canadian Stocks Slide As BoC Warns On Housing Bubble -- Canadian Commentary

(RTTNews) - Canadian stocks were lower Thursday as the Bank of Canada raised concerns about the nation's red-hot housing market.

Gains in Toronto and Vancouver home prices are unsustainable, Bank of Canada's governor warned today.

The news took some of the vigor from Bay Street's bulls. Earlier this week, stocks entered bull market territory, up more than 20% from January.

The S&P/TSX Composite Index was down 73.08 points, or 0.51%, to 14,240.02.

Today, lower crude oil prices weighed on the heavyweight energy sector.

July WTI oil settled at $50.56/bbl on Nymex, down 67 cents, or 1.3%, falling from a 10-month peak.

In corporate news, Valeant (VRX.TO) may weigh the sale of Egyptian drug maker Amoun, Bloomberg reported. Valeant shares were up 5.6%, trimming recent losses.