It increasingly looks like March’s stratospheric activity level will be the cyclical peak in Canada. Home resales have moderated in April and May, as buyers found it more difficult to find suitable options that meet their budgets with third-wave restrictions possibly holding back some sellers. Peak prices have yet to be reached, however. The national composite benchmark (MLS Home Price Index) accelerated further in May to 24.4%\u2014setting yet another record high. While there may have been fewer buyers participating in them, bidding wars were still the norm in most markets. Strong competition between buyers is keeping intense upward pressure on property values at this stage. We’ll need to see a much more significant market rebalancing before prices can stabilize. We expect this to occur late this year at the earliest. <\/p>\n