mortgage stress test rules that will decrease the buying power of most borrowers.The move, announced by the country’s banking regulator in May, was in response to an overheated market that has already started to see signs of cooling.The pace of home sales seen at the start of the year started to slow in April as the number of homes sold fell by 12.5 per cent compared with the record high set in March, according the Canadian Real Estate Association (CREA).
Canadian home sales fell 12.5% in April from record high, CREA says Even prices in the country’s largest market have started to stall.