Today in Toronto real estate news, the Canadian Real Estate Association (CREA) says the GTA market might finally be starting to cool down.

Just like that Katy Perry song, the market's hot, then it's cold. And while it's nowhere near freezing yet, year over year, sales in the GTA reportedly dropped 7 percent in April.

"Homebuyers and sellers both reacted to the recent Ontario government policy announcement aimed at cooling housing markets in and around Toronto," said the CREA's chief economist Gregory Klump, in the organization's monthly report, which came out todays.

"The number of new listings in April spiked to record levels in the GTA... where there had been a severe supply shortage. And with only ten days to go between the announcement and the end of the month, sales in each of these markets were down from the previous month. It suggests these housing markets have started to cool," he continued.

Sales might have been down, but prices were up. But that's, apparently, exactly what happened in Vancouver after its market started to cool last year.