Existing homes sales tumbled 13 per cent for the first three months of the year compared to last year and the resale market has become “more balanced” for the first time in nearly a decade.
“Canada’s six-year housing market boom is officially over,” Bank of Montreal economist Doug Porter said in response to the January-March survey released yesterday by the Canadian Real Estate Association.
CREA said much of the slide was tied to lower activity in Toronto during February and March, because the city accounts for about a quarter of the country’s come sales in major markets.