Home sales have finally slowed in Toronto

Toronto's housing market seems to have been on the up-and-up for quite some time now, but that all may be starting to change, according to a new report from the Canadian Real Estate Association (CREA).

The markets in both Toronto and Vancouver look like they're topping out says the CREA. Locally, the market hasn't grown that much over the past two months.

But, don't expect the market to crash because demand is still far outweighing supply. As the the Toronto Star reports, new listings in Toronto dropped 10.3 per cent since April 2015.

"While significant home price gains may entice some homeowners in these markets to list their home for sale, the issue for many is that the decision to move means they would also be looking to buy while competition for scarce listings is fierce," writes the Star, quoting Gregory Klump, the CREA chief economist .

Photo by Lunatic Desire in the blogTO Flickr pool.

by Staff via blogTO