From Canadianbusiness.com: Canada's housing boom is beginning to crack. The number of homes sold dropped considerably this summer in two of the nation's largest cities, Vancouver and Toronto. Condo sales in the latter shrank during this year's second quarter, the first time that's happened in 16 years.
Resale prices are falling. Yet all this fits neatly with a prevailing opinion among realtors, economists and federal officials: that a combination of new harmonized sales taxes in Ontario and B.C., stricter lending standards and looming interest rate increases "front-loaded" sales into the first half of this year..............................................Full Article: Source