House prices in Canada in April increased over 10% compared with a year ago, while there were 7.5% fewer sales.

(Matthew Busch / Bloomberg)

Last month, the Wynne government moved to bring in over a dozen new rules aimed at curbing speculation.

Early indications are those rule changes appear to be cooling the GTA market the way Vancouver’s did after that province introduced a foreign buyers tax.

In Vancouver, sales are still below where they were last summer but have risen over 20% so far this year, while prices are back above where they were last August.

Some economists say that may well happen in Toronto following a similar adjustment period.