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?