The head of the Canadian Real Estate Association says the federal government changes to mortgage rules have added uncertainty to the market.
It's all about that new stress test that means some buyers will not get as large a loan as they might have expected.
The president of the association says the measures could deter first-time home-buyers, who are the cornerstone of the market.
He thinks the impact on them will likely trickle down into other segments of the housing market.
Home sales in the Toronto region, meantime, continued to rise last month with an 18% year-over-year price gain.
There is also an unprecedented trend in the area.
The association keeps a close eye on the number of months of inventory left available in any given region, saying that it's an important measure of the balance between housing supply and demand, which, of course, affects prices.
It is the number of months it would take to eliminate the current inventory, based on the rate that homes are selling.
Nationally, there were 4.7 months of inventory left last month. In the GTA, there was less than one month.