Ontario accounted for about half of January's 2.8 per cent decline in sales volumes. Activity was also lower in British Columbia, Alberta and Manitoba, but reached a new high in Quebec.

Oh gosh not another one!  Home prices in Canada were up 19.6% from a year earlier, surging to $328,537 in January, compared with $274,711 a year ago, according to the Canadian Real Estate Association (CREA). 

Looks like the start of a bubble!  Year on year home resales activity is up 58%. The CREA report comes one day after Finance Minister Jim Flaherty moved to stem what he insists is not a housing bubble, by making it tougher for people to get a mortgage.