OTTAWA—Existing homes sales tumbled 13 percent for the first three months of the year compared to last year and the resale market has become “more balanced” for the first time in nearly a decade, prompting one analyst to call the end of Canada’s hot housing market.
“Canada’s six-year housing market boom is officially over,” Bank of Montreal economist Doug Porter said in response to the January-March survey released last Thursday by the Canadian Real Estate Association.