In a press release today, 15 January 2013, the Canadian Real Estate Association (CREA) , the industry group for Canadian real estate agents, said that sales activity was down 0.5 percent in December from November.
0.5% is significant, BUT... the CREA wonks also say:
"We expect the Canadian housing market to stabilize at current levels OVER THE NEXT FEW MONTHS. When looking at previous mortgage rule tightening episodes, the housing market impacts have been temporary in nature. There is no reason to think that this time will be any different."