“Signs are everywhere that Canada’s long run-up in house prices is over, hit by a combination of tighter mortgage lending rules and growing consumer reluctance to take on more debt. Sales of existing homes are down steeply, with condo sales hit especially hard, and some long-booming prices have started to fall.

Sales always slump as the real estate market heads into winter. The big question will be whether spring brings renewal, or confirmation that the party is over.”

Please click link to read article in its entirety:

http://business.financialpost.com/2012/11/05/canada-braces-as-housing-slowdown-takes-hold/

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