As recently reported by the Canadian Real Estate Association (CREA) the number of homes sold across Canada via the MLS system fell by 6.2% in May 2017 compared to April 2017. The month over month percentage decline was the largest since August 2012. Toronto had the greatest decline at 25.3% while some markets such as Ottawa, Calgary and Edmonton saw increased sales in May 2017 compared to May 2016. This latest report indicates a more balanced and healthy housing market.

Interest rates are still very low but based on recent comments made by the Bank of Canada Governor Stephen Poloz, rates might not stay this low for much longer. “The interest rate cuts the Bank of Canada made in 2015 have largely done their job as the economy appears to be gathering…

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