46,394 existing homes sales last month vs 48,144 the month prior…CREA says January results suggest resale market past recent peak…BUT, average residential price up by 19.6% to $353,129…

Ottawa’s tighter mortgage rules, combined with a new harmonized sales tax in Ontario and an impending interest-rate increase, should slow the Canadian housing market in the second half of the year, erasing fears of a bubble, analysts say.

“Combined, they should all take some serious steam out of housing,” said Douglas Porter, deputy chief economist at BMO Capital Markets. “By then, the bubble chatter should fade.”

Read the full article, “Chill starts to set in for real estate” in the Toronto Star (Feb 18, 2010).

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