Ottawa, Canada (AHN) - The housing slump that has bugged the U.S. for several months has rubbed off on Canada. According to the Canadian Real Estate Association, sale of existing home dipped by 13 percent for the first quarter of 2008.
Doug Porter, an economist for the Bank of Montreal, told the Toronto Star: "Canada's six-year housing market boom is officially over."
"You know things are calming down quickly when the Canadian Real Estate Association says that the market is 'more balanced compared to' any other quarter over the past nine years," Porter added.
The CREA said that new listings rose to the highest level on record, but that the resale segment has become more balanced for the first time in almost a decade.
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