Housing Market Cools

The hot housing market continued to cool in May, after the quarter 

percent interest rate hike. The Canadian Real Estate Association said 

37,576 homes were sold in May, down 9.5 percent from near-record 

activity in April and down 2.8 percent from May 2009. 

"Life in the fast lane is over for Canada's housing market. Now the 

question is whether it will stay in the middle lane, or brake even 

more aggressively," said Doug Porter, deputy chief economist 

at BMO Capital Markets in a commentary. "We suspect it will 

brake harder, although the ongoing revival in employment will likely keep 

the housing market from veering onto the shoulder." New listings 

dipped 4 percent from the previous month, marking the first decline 

in eight months. But this was expected move, as the housing market 

hit its peak in December. If the listings are down should the price go up 

in the coming summer months?

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Orville Lewin

Orville Lewin

CENTURY 21 Leading Edge Realty Inc., Brokerage*
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