One of the world’s bubbliest housing markets appears to be slowing down.
Canadian home sales dropped for a second straight month in May as both buyers and sellers appeared to pull back from the frenzied pace that has made the country’s housing market among the hottest in the world. It places second in the Bloomberg Economics global bubble ranking, behind only New Zealand, so everyone from policy makers to homeowners will be tracking how any slowdown in Canada proceeds.
“We now have two months of moderating activity in the books, and that goes for demand, supply and prices,” Cliff Stevenson, chair of the Canadian Real Estate Association, said in a statement Tuesday. “More and more, there is anecdotal evidence of offer fatigue and frustration among buyers, and the urgency to lock down a place to ride out Covid would also be expected to fade at this point given where we are with the pandemic.”
While Canada has been subject to the same combination of low…