Kudos to Larry Yatter for being first out with the numbers.
We are down almost 1% -error it is in fact down -4.6% from April in the detached Average. (hat tip VREA)
If we continue down, then the 'divergent high' theory I posted before will be in play. That is prices rise, but in a smaller area and with lower sales - much as you would see in the final topping process of a stock.
As for the Bank of Canada, they did the deed. + 0.25%. But don't expect a lot more this year, see my comments to the previous post.
Inventory is important.
MOI is important.
Listings growth is important
But price trumps everything....