The Canadian home resale numbers fell around 1.5 percent to 42,799 units last month which becomes the second straight decline. This is coming via an article from Business Week. The original data came from the Canadian Real Estate Association (CREA).

The biggested drop was in Vancouver. Surprise, surprise. I guess that’s what happens when your entire city is paying attention to one of the world’s largest sporting celebration (hint: the Olympics).

The CREA The average resale price rose 18 percent from a year ago to C$335,655 ($329,330).

Yikes, that’s going to add up.

“Housing markets are becoming more balanced,”  said CREA’s Chief Economist. The release went on to say “Further expected supply increases will continue to take the steam out of housing markets as the year progresses.”

The last few months have shown Canada’s mortgage and remortgage rates are getting ever more close to the lowest since the Korean War. This has increased home sales and prices as the country emerges from a recession. We’re doing quite well compared to some countries in fact. We shall see how things look going forward.