Housing Market Cools

    June 17, 2010 - Updated: June 17, 2010


    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?

    Tagged with: housing market finacial
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