"There was a slump in resale housing activity nationwide between July 2012 and August 2012, with declines reported in about two-thirds of all local markets, including our own," says Barb Whitney, President of the London and St. Thomas Association of REALTORS®. "The data isn't in from around the country yet, but we're likely going to see a similar pattern play out this month as last." She adds,"According to the Canadian Real Estate Association, recent changes to mortgage regulations are just now starting to have a dampening effect upon the market. Now that amortization periods for high ratio mortgages have been shortened, fewer first time buyers can qualitfy for a mortgage than previously. Lower first-time buying activity is a lynchpin of the housing market and its curtailment was bound to have downstream effects over the rest of the market. Year-to-Date home sales are even with last year's.