The Canadian Real Estate Association has officially given notice - put away your party hats and streamers - the real estate boom is over in Canada.

At least it was a good party, lasting 6 years. However, on a year over year sales volume basis, 16 of the 18 major markets declined, led by Calgary and Edmonton with 35.9% and 29.8% drops respectively.

Now just because the party decorations have been taken down, don't throw them away just yet. Spring is a critical season - and its really just getting into full swing. The sales volume we see in Spring will be the real indicator.