Canada's red-hot housing market showed small signs of cooling down in April, even as the average selling price is up by nearly half from the lows it hit in the early days of the pandemic. "While housing markets across Canada remain very active, there is growing evidence that some of the extreme imbalances of the last year are beginning to unwind, which is what everyone wants to see happen," CREA chair Cliff Stevenson said. Real estate has been on fire for the past year as the COVID-19 pandemic has pushed interest rates to record lows. The housing market typically starts off the year slowly before heating up as the weather improves. Bank of Montreal economist Robert Kavcic says April's numbers still paint a picture of a booming housing market.

Source: CBC News May 17, 2021 13:44 UTC