Finally, our housing boom goes bust.

While prices are still "Canada's six-year boom in the housing market is officially," said deputy chief ecomomist Douglas Porter of BMO after a new report showing drop in housing sales throughout the country.

But this is not just Canada, where the collapse of real estate, with sales of 18.7% last month in 25 major centres across the country.

In Britain, Ireland, Australia, India, Spain and elsewhere in Europe, not only sales are falling off, but the houses are losing their value.

In the UK, where prices fell by 2.5% in March and mortgage approvals fell by 31% over the past two months, the BBC describes the collapse of housing as the "worst in 30 years."

In Australia, please read the real estate market has reached a "stop shouting." And in Europe, a professor of economics owned warns: "The problems the U.S. are shipped to Europe. What is happening now is a terrible pain much more than we do."

Some remain optimistic

In Canada, some experts remain optimistic, stressing the extent that there has been no decline in prices in all markets, although price increases are fast drying. Even BMO Porter predicted average house prices will probably be after moderate gains this year.

He also noted that "surprisingly snow" Sales are melting faster than snow this year, taking into account the terrible winter we suffered through - but only adds a few more feet of snow hanging over the market. In hot markets such as Edmonton and Calgary, for example, declining sales have been spectacular.

And you can not blame the snow for a continuous trend to Toronto, where sales have plunged another 11% in the first half of April, with only 1,514 transactions, following a plunge of 27% in March and a decline in 14% in February, according to the Toronto Real Estate Board (Trébos).

Partly to blame is to move Premier Dalton McGuinty to give powers to impose Toronto Mayor David Miller, who likes to tax, tax, tax.

Not only to attack us with a new municipal land transfer tax, beginning on February 1, but now only playing for tax increases, including new tolls. Sales of the 905, where there are no tax Miller, dropped only 1% in the first half of April.

Overall, sales in the GTA decreased by 22.2% last month, with sales of 13.4% year to date, according to figures released yesterday by the Canadian Association of the building.

However, prices are still in force, with the TREB compared with the average price in Toronto amounts to 454211 dollars, an increase of 10% compared to mid-April 2007. The 905 region grew by 6% compared with a year ago, with the average price sitting at $ 364939.

"We believe that sales reach 99% of their asking price, which is 1% higher than last year," said TREB President Maureen O'Neill.

"April number to a stable, healthy market for the Greater Toronto Area this spring. However, remains wary of prosecutors TREB in Toronto."

To the south of the border misery resembles the Great Depression.

Home values are failing, millions of families lost their homes and the House committee yesterday proposed new measures to help borrowers with problems, which have $ 300 million and are far behind in their payments.

Pray that does not spread here.