Today's announcement is part of the Government's policy of proactively adjusting to developments in the housing market that could take root and cause instability. These steps are timely, targeted and measured, and will reinforce the importance of Canadians borrowing responsibly and using home ownership as a savings mechanism.

In a standard Agreement of Purchase and Sale, a person selling their home in Canada must be able to declare that, for the purposes of Canadian taxation, they are a resident of Canada. If he cannot, he must provide the purchaser with a certificate of compliance from the Canada Revenue Agency (CRA). While most of us think that proceeds from the sale of a principle residence are not taxed, that doesn't hold for non-residents. Profit from the sale of a property may be subject to capital gains tax unless an exemption is obtained from the CRA.

This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.

Why should I pay your commission? I think you guys are overpaid.

The realtor has a ready answer.

"When you go to a brain surgeon, and you spend 2 1/2 hours on the operating table, are you paying him for the 2 1/2 hours, or the 15 years of experience and education?" asks Swartz. "You're paying for the expertise."

Swartz, an agent of 30 years and broker at Sutton Group Old Mill Realty, has lived through boom and bust. But changes in technology mean his profession is at a key turning point, at the mercy of a skeptical public and scrutinized by regulators.

Already an extraordinary turnaround story in the wake of the recession, new home construction is picking up and resale prices are now forecast to hit fresh records this year. In some areas, such as Vancouver, the country's richest market, prices are now at the point where detached homes are out of reach for many home buyers – even with extremely low interest rates.

Home prices in Canada will surge to new highs this year, led by strength in the Western provinces and Quebec, says a new forecast by the Canadian Real Estate Association.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour. “Increasingly confident consumers moved to take advantage of affordable home ownership.”

'A good crook can beat a smart lawyer any day of the week."

That's the view of Sidney Troister of Torkin Manes LLP of Toronto, who says that he has seen lots of crooks in his 12 years fighting mortgage fraud, and that the schemes just keep coming.

Mortgage fraud was rampant in the earlier part of this decade, and a number of Canadian lawyers were involved in systematic frauds involving dozens of properties, costing victims millions of dollars. There are indications that the problem has waned. But despite recent regulatory changes and greater consumer awareness, the problem hasn't been eradicated.

In Canada, mortgage fraud usually follows the hottest real estate markets and pricier properties, legal experts say.