Market watchers say a flood of real estate deals made ahead of mortgage rule changes resulted in a subsequent drop in home sales.
The Canadian Real Estate Association's chief economist says sales dropped 14.5 per cent between December and January.
He says that's the biggest monthly drop since October of 2008, when the country was in the midst of the so-called Great Recession.
Another economist says the decline is mostly ``payback'' for buyers rushing to sign deals ahead of tighter mortgage rules that took effect January 1st.