CREA‘s April 2010 housing market report indicates that Canada’s overheated housing market has started to show signs its cooling down.
Residential housing sales via MLS was over 52K across the country in April 2010 which was up 20% over last April 2009. Seasonally adjusted home sales was down 2.6% from March 2010. With talk of the housing market cooling over the next few months and continuing into 2011 due to higher mortgage rates and the introduction of the HST on July 1, 2010 many homeowners entered the market as sellers trying to see if they get out before buyers dry up. This resulted in 99,901 homes listed for sale in April 2010, with the total supply of residential homes listed on the MLS of 236,397.
House prices are still rising however, as the average house price sold on MLS rose 12.2% in April 2010 over last April and was driven by increases in the major markets of Alberta, Ontario and Quebec.