Robert McLister·General·June 23, 2008Housing Has Peaked Says CBC CBC recently ran a story saying Canada’s real estate boom is over. The story cited the following CREA statistics: Home sales (unit and dollar volume) are down 16+% year-over-year. Prices increased just 1.1% in May compared to May 2007, the smallest annual increase in seven years. May had a record number of home listings: 54,029 If the market is in fact peaking, this portends at least two possibilities from a mortgage standpoint: a) Lenders may get increasingly conservative in their underwriting as the market keeps slowing; and, b) Appraisers may become more reserved in their valuations. We’ve already noticed appraisals coming in slightly weaker in recent months. At this point, however, a few months does not a trend make. We’ll keep an eye on June and July’s numbers and report back. Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.